Yes it is like a survivor pool but no eliminations, instead you play all the way through but accrue points based on wins and the seeds of those wins.

So @OneOneSeven won last night with 10 seed Arkansas and picked up 11 points for that. 1 point for the win and 10 points for the seed. However, as we progress into the later rounds (16 and beyond) the point value for a win starts to double. Which means as we get to the Elite 8, final four and finals picking a winner becomes more important than their seed. Assuming of course some 16 seed doesn't make it all the way to final.