Sounds like a hell of a concept.
Eventually you basically have to pick a correct bracket, and hope you actually can and that nobody you picked early made a run.
If you get to the final four, you have to pick a team to win the semifinal that you believe will lose in the final, to a team on the other side that you didn't pick. So you need a team alive on both sides of the final four or you're dead. That means you have to start thinking way ahead of time, and pretty much not use the one seeds the first weekend.
Right now I'm hoping for MSU to get beat and knock out a big chunk of the field. Oregon winning also knocks out a big chunk but I have already used Oregon. Not really a big deal as I expect them to lose to Duke, and I am not gonna pick Duke in that game. If Oregon beats Duke I'd be in trouble. If Purdue beats Houston I'm in very big trouble.