It's happened before, i'm sure a few times but I was part of this division a while ago:
http://www.buzzerbeater.com/league/982/overview.aspx?season=34
6 Bc Reds 13 9 2096 1789 0.591 307
7 Arsenal 98 13 9 2058 1799 0.591 259
8 Ariminum 12 10 2411 2126 0.545 285
I just about survived...