No question that with a series system that Michigan wins in 1997. The one-and-done system provides that chip and a chair possibility.
High level hockey has, by far, the highest statistical probability of the lesser team winning an individual game, or a team that is out-played winning a game. Even without a statistical deep dive (which I've done) if you look at the odds on individual games, the NHL odds are much more compressed than the other major sports. Just looking at NBA and NHL lines tonight, there are 3 NBA games where the underdog is a 18-1 dog, and highest NHL line is 2.2-1.
Of professional and major college sports, NCAA hockey is unquestionably the one with the most randomness. NCAA basketball would be second, but basketball is much more predictable. After high school, I believe that NCAA hockey is the only level that is one and done.
It is what it is, and it makes every game have the excitement of game 7, but to claim that there is no luck involved in NCAA hockey is straight-up moronic (not aimed at anyone in particular).