Absolutely.
College football if your team, especially on defense, has a weakness good teams will see it and exploit it.
This years CU team was a perfect example. Buffs had the best player in college football (arguably the best at his position on both sides of the ball,) and the best QB in college football, plus a number of other players who if not this year in the next few years will be highly drafted into the NFL. Despite this opponents found the weak points on the defenses, exploited the weakness of the offense in terms of the running game, and CU is going to a secon tier bowl game.
Basketball is entirely different. A couple of outstanding players, a few "good" players, and some guys who will play defense and rebound and you can win. Even the good tourney teams usually only go 7-9 players deep.
Classid example is the Larry Bird Indiana State team. One guy who is one of the best all time, one guy who was a marginal player in the NBA (Carl Nicks,) and a bunch of guys who wouldn't have started for most of the other top 25 teams but complimented the two stars well enough to win a championship.
Basketball is interesting because we do occasionally see a 15 seed beat a 2. Even then though those lower seeds don't end up in the final four, and in fact it is big news if a team lower than a 4 seed ends up in the final four.
In football we will continue to hear calls for a bigger and bigger playoff number but while there will eventually be some upsets we aren't going to see a lower seed go all the way. What we will do is see a top team lose key players to injury or otherwise get knocked out meaning that the eventual winner won't be the team that was actually best that year.