According to UCLA is indeed no. 2 from last 50 years. From their Bruin capsule:
Positives: Won 11 national titles (most of any school), including 10 in a 12-season stretch (seven consecutive); also made six other Final Fours; 25 regular-season conference titles; 20 first-team consensus All-Americans (most of any school); 14 top-10 NBA draft picks.
Negatives: Lost 13 points due to sanctions and vacated wins (would've been No. 1 team in study if not for that); has missed the NCAA tournament four times in past nine seasons; no conference title of any kind from 1998-05; just one national championship since John Wooden retired in 1975.
Fun fact: More than half of UCLA's points came in the Wooden era. The Bruins earned 476 points from 1963-75, which more than doubled what second-place Kentucky (211) chalked up in that span.
Rank by the decade
1962-69: 224 (1st)
1970-79: 361 (1st)
1980-89: 59 (T-35th)
1990-99: 131 (10th)
2000-present: 129 (16th)
Honestly, I don't have a problem with their reasoning. UNC was number one in case you were wondering.
Perhaps we would have taken the first slot if not for string of terrible coaching hires in between Larry Brown and Jim Harrick. Then we were saddled with a joke coach in Steve Lavin. Ben Howland's miserable fails in last three years didn't help our cause either.
Hopefully Bruins will get back to where they belong this year - if not we will have to get a coach who will take us back to where we really belong.