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About the best you could do would be to divide the field of 64 into 20 parcels with equal expected value based on previous NCAA results based on typical performance of a seed and the way you stage your payouts. Assuming you got this far, when each player's turn to draft came up, they would select their parcel and then populate it with teams at the designated seeds. For example a parcel might include a 1 seed and a 15 seed. Another parcel might have a 5 seed, a 6 seed and two 7 seeds.
The first step would to developing the parcels determine the probability of finishing in each position in the tournament based on historical seeding. Then you need to divide those seeds into parcels and simultaneously play with the payouts to make each parcel have equal expected value. This doesn't sound trivial.
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