Kansas will still probably be a #1 seed even with the loss. Plus, they have more time to rest. I don't think the selection committee relies on conference tournaments. Last year, Kentucky won their conference tournament and got a worse seed than the team they beat in that final game.
Go BadgersWisconsin starts its the conference tourney tonight against Indiana. They finished 2nd in the Big10. They would have won it but they lost too many games especially near the end of the season. Actually I'm shocked they ended up with the #2 seed with all the games lost recently.