A preseason #1 is actually the FIRST poll of the season, and yes it IS a good indicator of a team ending being in contention for a Final Four or NCAA Championship. Like I said, look up NCAA Tournament history, either from 1949-on or 1979-on (when seeding the Regions started) and you will see this.
Being ranked #1 at the start in basketball is not much different than it is in football. If you start at #1, chances are you will fall no lower than a #2 seed. Like I said, simply look at the data. Like it or not, the polls are consistently more accurate in predicting seeding.
DUDE! Are you really that clueless? There is a small amount of correlation with basketball being ranked pre-season #1 and a decent run in the tourney. Starting one and ending, well. ROFL.
But, you've lost it with football. Preseason #1 is the kiss of death in football. I gotta presume you are just, well, I dunno what you are. Clueless I guess. Why don't you go play with your friends at the dorm or the corner bar or wherever you waste your time.