Yep. I totally agree that single elimination is the way to do it. Otherwise, Duke would be national champions for about 15 years running. it would be obnoxious. They certainly aren't always the best team year-in, year-out, but they are always one of the best.
I can't imagine any team being able to beat [coach K's Duke team] in a 3 or 5 game series in any of these years. They've lost no more than what--5 games in a season over that time? There have been awesome teams that could easily beat Duke those years: Pitino's Kentucky, Calipari's UMass, some of the UNC squads, Michigan State and of course Uconn, but 3 or more games? no way, Jose. I *think* UNC is the only team to have swept them in a season over that time...and possibly just one season out of that.
I think there are programs that would have easily put together a 3 or 4 season-run with that format as well, but history shows that Duke simply has not slowed down, or been uncompetitive during that time, far more than any other program. The only bad year that I recall was when Krwesiykoiuski sat out for a season to recuperate his back. They went from #1 team the previous season, to ACC basement dwellers with my Wolfpack. It was hilarious.

Then, #1 again when coach K returned.
Also, that was one of the worst Championship games I have seen. Gah, it was brutal and boring. It certainly doesn't help that I also hate UConn.