As some people were asking about it in a semi-serious way and I did some "digging" into the ObamaGate story to get the jist of it from key sources like Lou Dobbs and so on. Best I can tell, it's based on some confusing and contradictory premises you have to buy.
1. That Obama did not like Flynn (pretty well known, and as mentioned Obama personally warned Trump about the guy) and wanted him on a "list" of warnings to the Trump Admin about people the Obama Team had experience with (very believable)
2. That nobody else in that room, Clapper, Brennan, Yates, Comey, ever had reason to lie to Congress again, and that Yates' story where she forgot the entire conversation because Obama saying this shocked her into having "trouble functioning" during the meeting is the smoking gun. (clearly the truth from all of these people)
3. Absent this Obama offhand comment, the FBI would never have gone after Flynn despite seemingly targeting him separately for some time including prior to the meeting over stuff like Turkey and his son. (not believable in the slightest)
4. That Obama was somehow convinced that the best way to stop Flynn from remaining NSA was to create an elaborate sting trap that relied on a bunch of potentially implausible events occurring all after he left office, rather than Obama trying to head off the appointment ever happening by warning all of the Trump people including Trump himself that Flynn was no good.
5. That Obama is trying to cover this up by... being the only person involved to not dispute any part of the meeting account in their own favor.
6. And this was part of a coup attempt because it led to... an idiot agreeing to a plea deal (from Mueller, not Obama) that recommended no punishment and has now been dropped.
7. Obama did not want this to come out because it leads right back to the main scandal: his birth certificate. (absolutely true)
It's not even as good of conspiracy wankery as the Carter Page stuff, which I think even anti-Trumpers can agree has some moral/legal grey areas to it. It's not even an instance of the Obama Admin illegally spying on anyone. And then the part that got Flynn with Mueller, if you assume he's part of the Obama coup team, didn't even want to charge Flynn for lying to the FBI necessarily!
I don't even think this scandal should make the bracket. Maybe if it wins its conference during a miracle run. But other than that, it's not even a bubble scandal.