This has been considered and ruled out, the levee broke a long way up the canal, and any barge that broke the levee would have washed up and over the break, or still be in the canal. No barge. But they do still have to come up with a plausable reason for the newly upgraded levee to break where it did. Where are the concrete specimens, the engineers and the workers who did the upgrade?
Not that such a thing wouldn't be possible, nor would it take a large amount of explosives. The charges would be set to just weaken the structure, and maybe cause a few cracks, the water would do the rest.