It takes some luck to reach the Elite Eight. It's very difficult to produce an A game in every pressure-packed matchup. Arkansas got away with that against Oral Roberts in its last   game. I'm expecting the Razorbacks to play much better against Baylor, which hasn't been the dominant team it was earlier in the season before having to sit out games because of COVID-19 protocols. I consider Baylor closer to the rest of the remaining teams rather than sitting on the top perch alongside Gonzaga. 
The Razorbacks aren't getting a lot of love despite peaking at the right time covering 10 of their last 13 games. Arkansas has the defense, necessary guard play and coaching to if not spring the direct upset, at least hang closer than this point spread indicates. 
Arkansas has the capacity to effectively mix up its defensive coverages. This is crucial in facing Baylor. The Razorbacks held all three of their NCAA Tourney opponents - Colgate, Texas Tech and Oral Roberts - below their season scoring averages. Arkansas is now 10th in defensive efficiency going by the KenPom.com ratings. 
Moses Moody provides the Razorbacks with an upper level guard. He was instrumental in the Razorbacks ranking seventh in the nation in scoring at 83.3 points a game, which is right there with Baylor's 85.3. 
Eric Musselman is one of my favorite college coaches. His past teams have a history of not getting rattled in the NCAA Tourney when falling behind. I trust Musselman and the Razorbacks to keep this a close game.