In this year's version of the B12...i'd say being in the title hunt into the last week or the season and ending up an outright second or tied for first would = a Sweet 16 appearance. Winning outright and ending KU's streak would = an Elite 8 Run. A FF appearance would obviously trump anything short of a perfect B12 season or something and even then a FF would probably be more exciting in the long run.
Man, the E8 run was incredible.