Considering that BYU has to win 6 games and they'll likely be underdogs in 5 of them it's pretty safe to say their odds are much lower than that.

Bet 10000, and make 600 a month later. That is a pretty good investment. Lets say BYU's ends up with a 7 seed. Their odds of winning each game as an individual event would be something like 60-65% for the first game, and probably 30% at best for games after that. Take .65 * .3 * .3 * .3 * .3 * .3 The odds are 0.157% of winning a title. You'd be crazy not to take 15:1 when the real odds are much much higher. Especially since 30% is really generous in games against 1,2,3 seeds.