Although Memphis has done extremely well, their SOS looks a bit poor to merit the #1 label, especially considering what UNC has done this season.
With their only two losses coming to Duke and Maryland, and their incredible dominance over the strong ACC, UNC has solidified their claim to the #1 Ranking and has certainly earned their #1 seed in the NCAA Tourney.
Additionally, UNC is ranked #1 in the Power Rankings, as you can find here.
Speaking of the Tourney, I found a pretty cool (if you're geeky like me) program that might help us all run our office pools. It's worth a peak.
Hope you all have a great week and best of luck to your team in the conference tournaments!