That's a fair point MN, but unlike football, college basketball has a larger sample size (more games) to formulate more metrics from and incorporate into simulations/rankings. As the season progresses, Vegas will utilize these "multi-simulations" of upcoming games in order to assist in setting their lines. Additionally, you will find more opportunities (no matter how good the team) of teams having "flat spots"....and Vegas knows how to sniff that out and set their lines accordingly.
One last thought regarding basketball/football. You won't find heavy money coming in late/early on a college basketball powerhouse as often as you do on a college football powerhouse because of:
1) Lines aren't usually set until around 24 hours before the game.
2) The margin of error is greatly diminished in college bball because of the larger sample size of data.