TEMPE, Arizona (CNN) - President Obama on Wednesday turned a flap over his commencement speech at Arizona State University into a joke - then a lesson about never being satisfied with one's accomplishments.
The university said last month that it would not be awarding Obama an honorary degree at the ceremony, saying that "his body of work is yet to come."
Saying he wanted to address "the little controversy everyone was talking about a few weeks back," Obama said, "we all learned an important lesson."
"I learned to never again pick another team over the Sun Devils in my NCAA bracket," he said, referring to the school's basketball team. "It won't happen again."
"President [Michael] Crow and the board of regents will soon learn all about being audited by the IRS," he joked.