I don't see any reasons to say they aren't. At the moment, they are one of only two one-loss teams in the nation. They play in the Big 10 which has some pretty good competition in it this year. Not to mention they have some really good talent on their team.
As for the Final Four, it all depends on how well they are playing come tournament time. Lots of things can change before then. If they don't have any major injuries and they keep clicking on the court, then yeah they have as good a chance as anyone else.