Not going to argue this again. We have different views on the subject. As far as I'm concerned, Board of Regents (I think that was the antitrust case from the 80s) was still good law, and it applied Rule of Reason analysis to college sports.
The NCAA has a much better argument about competitive balance than pro sports leagues, because of the nature of the product. I mean, why do people refer to it as March Madness? Because lower seeds sometimes win. It's not March Madness because a 4 seed beat a 1 seed and a 2 seed to make the Final Four. It's March Madness because 14 seeds sometimes win, or 10 seeds get to the final four, etc.
If the NCAA tournament becomes chalky, I predict it will decline in popularity -- and I doubt that's all that controversial. When the demand for a product itself depends on competitive balance within the product, the rule of reason is satisfied in my view.
That said, I've not litigated any antitrust cases and haven't paid very close attention to the case law over the past 12-15 years, once it became clear that teaching antitrust was not my future.