Penn is rated by some measures as the best 16 seed in six years. Penn is rated by some other measures as the best 16 seed ever. They have an 11% chance according to KenPom of pulling the ultimate upset, which is absurdly high (although it doesn’t take into account the bonus KU receives from being able to play essentially a home game).
But at the risk of being kicked out of the analytics enthusiast community, it’s worth remembering that for all of Penn’s impressive statistical resume, it’s still players who have to go out there and actually score the points.