Some interesting tidbits on what is important to at least one committee member...with team RPI being a starting point. This was obviously before the changes to team sheet columns.
Q: OK, wise guy, answer the original question. What does get considered?
A: It comes down to three questions: Who did you beat? Who beat you? Where did you play them? With that in mind, the things that do matter are:
1. Quality wins. This is typically wins against teams in the top 50 of the RPI, but also wins over anyone selected as at-large quality or under consideration for an at-large spot.
2. Record against better teams. How did a team do vs. the top 25, top 50, top 100 in the RPI?
3. Bad losses. Usually a loss to a team ranked below 100. Obviously, this is a negative. Losses to teams below 200 are especially bad. Teams rarely get at-large bids with more than four bad losses.
4. Strength of schedule, especially non-conference strength of schedule. At least one team gets left out of the tournament almost every year primarily because of a very poor non-conference schedule.
5. Good record away from home. The tournament isn't played on home courts, so the committee wants to see teams perform well away from home.