As a number person, I highly recommend this book Scorecasting (http://www.amazon.com/Scorecasting-Hidden-Influences-Behind-Sports/dp/0307591808/), which is a fun and easy read that debunks a lot of sports myth. I mention it here b/c one of the authors is born in West Lafayette and got his bachelor and master degree from Purdue.
Since the book has a chapter debunking Cubs as a "cursed" team (their conclusion is that you can't be "unlucky" of not reaching the World Series if you aren't even a good team in the first place), I've already contacted the author to seek help in determining if Purdue is just an unlucky team, hopefully we can get some statistical evidence once and for all.
I am usually not a great fan of using "bad luck" as an excuse, but I hate to keep hearing all these talks about our lack of post-season success. Just on top of my head, the "Final Four caliber" teams are all derailed by injuries: 1994 (Big Dog not healthy against Duke), 1998 (Cornell got injured in the IU game and we were never the same team), 2010 and 2011 (Robbie). Not that it helps ease the pain, but at least we can give Keady and Painter a fairer treatment after all the mockery on their lack of tournament success.