Not at all. The increasingly easy access to information has made a couple of these less applicable. Also, don't become too dogmatic in following them. If you keep those caveats in mind, these rules should serve you well.
1. Identify the 10 worst on the board teams in the country. Consistently bet against them.
2. Learn the mid major leagues inside and out. The line on Duke-Carolina is going to come out of Vegas with all of the gaming industries intellectual muscle behind it. Manhattan-Iona, not so much.
3. The aformentioned finals week rule.
4. Find teams in mid major leagues that played around .500 last year and return 3 or more starters, with one of them being their leading scorer. You win with experience in those leagues.
5. Toward the end of the season, identify schools who are likely to fire their coaches. Those teams are likely to start mailing it in in mid February.
6. Don't take the over in games involving two teams that both shoot free throws poorly.
7. Bet against west coast teams coming east of the Mississippi to play.
8. Bet small road favorites in the BCS leagues. If a team is favored on the road in those leagues, it's generally a good indication that they are superior to their opponent.
9. "Revenge" is overrated. Usually, if a team won the first conference meeting, there's a reason. They're better.
10. Find really good defensive mid majors. Bet them on the road as substantial underdogs to BCS schools.