It's a new round of the tourney called the "First 4". Yes, we are in. Although a lot of people see it as a play-in because you require 1 more win than every other team in order to advance to the next round.
We're in. The first round is 68 teams, and were somewhere between 65-68. If we win, we will enter the field of 64, which is the technically the second round, but it's the first in which every team in the tourney plays games, as opposed to the first round (of 68 teams) in which there were only four games played in the entire round.