The ultimate measurement for college basketball is how well have you performed in the NCAA tourney (although I don't believe that should be the 'only' measurement, it is the most important). This, to me, is measured by number of championships, number of Final Fours, and number of Elite 8s. The below lists are all the programs that I believe are considered "ahead" of Syracuse, in no particular order. I eliminated any FFs or E8s prior to 1951 since only 8 teams played between 1939-1950. I also eliminated any E8s listed in 1952-1953, when only 16 teams were invited.
UCLA, NCs - 1964, 1965, 1967, 1968, 1969, 1970, 1971, 1972, 1973, 1975, 1995
UCLA, FFs - 1962, 1964, 1965, 1967, 1968, 1969, 1970, 1971, 1972, 1973, 1974, 1975, 1976, 1980, 1995, 2006, 2007, 2008
UCLA, E8s - 1962, 1963, 1964, 1965, 1967, 1968, 1969, 1970, 1971, 1972, 1973, 1974, 1975, 1976, 1979, 1980, 1992, 1995, 1997, 2006, 2007, 2008, 2009
UNC, NCs - 1957, 1982, 1993, 2005, 2009
UNC, FFs - 1957, 1967, 1968, 1969, 1972, 1977, 1981, 1982, 1991, 1993, 1995, 1997, 1998, 2000, 2005, 2008, 2009
UNC, E8s - 1957, 1967, 1968, 1969, 1972, 1977, 1981, 1982, 1983, 1985, 1987, 1988, 1991, 1993, 1995, 1997, 1998, 2000, 2005, 2007, 2008, 2009, 2011, 2012
UK, NCs - 1948, 1949, 1951, 1958, 1978, 1996, 1998, 2012
UK, FFs - 1951, 1958, 1966, 1975, 1978, 1984, 1993, 1996, 1997, 1998, 2011, 2012
UK, E8s - 1956, 1957, 1958, 1961, 1962, 1966, 1968, 1970, 1972, 1973, 1975, 1977, 1978, 1983, 1984, 1986, 1992, 1993, 1995, 1996, 1997, 1998, 1999, 2003, 2005, 2010, 2011, 2012
Duke, NCs - 1991, 1992, 2001, 2010
Duke, FFs - 1963, 1964, 1966, 1978, 1986, 1988, 1989, 1990, 1991, 1992, 1994, 1999, 2001, 2004, 2010
Duke, E8s - 1960, 1963, 1964, 1966, 1978, 1980, 1986, 1988, 1989, 1990, 1991, 1992, 1994, 1998, 1999, 2001, 2004, 2010, 2013
KU, NCs - 1952, 1988, 2008
KU, FFs - 1952, 1953, 1957, 1971, 1974, 1986, 1988, 1991, 1993, 2002, 2003, 2008, 2012
KU, E8s - 1957, 1960, 1966, 1971, 1974, 1986, 1988, 1991, 1993, 1996, 2002, 2003, 2004, 2007, 2008, 2011, 2012
IU, NCs - 1940, 1953, 1976, 1981, 1987
IU, FFs - 1953, 1973, 1976, 1981, 1987, 1992, 2002
IU, E8s - 1973, 1975, 1976, 1981, 1984, 1987, 1992, 1993, 2002
UL, NCs - 1980, 1986, 2013
UL, FFs - 1959, 1972, 1975, 1980, 1982, 1983, 1986, 2005, 2012, 2013
UL, E8s - 1959, 1972, 1975, 1980, 1982, 1983, 1986, 1997, 2005, 2008, 2009, 2012, 2013
UConn, NCs - 1999, 2004, 2011
UConn, FFs - 1999, 2004, 2009, 2011
UConn, E8s - 1964, 1990, 1995, 1998, 1999, 2002, 2004, 2006, 2009, 2011
SU, NCs - 2003
SU, FFs - 1975, 1987, 1996, 2003, 2013
SU, E8s - 1957, 1966, 1975, 1987, 1989, 1996, 2003, 2012, 2013
To me, 'blue blood' is a special term that means you were there almost from the beginning and dominated a decade or two.
I see Louisville, UConn, and us as the new kids on the block. Sure we might be able to mentioned in the same breath as being an elite program with the others, but even if we do, we will be considered "nouveau riche". While an Indiana might never make another Final Four and only get to an occasional Elite 8 once a decade. They will be a fallen 'blue blood', no longer perhaps considered an elite program, but a 'blue blood' just the same.
Anyway, that is how I see it.
In any case, until we have at least 1 more NC and two more FFs in addition to that, we won't even get to "elite program" status with the same standing as Louisville.
Cheers,
Neil