The system the NCAA tournament uses is incoherent IMO. Any coherent rating system needs to have some properties and among them is what I will call, for lack of a better term, symmetry.
Focus on road records is incoherent; in a coherent rating system there must be symmetry between road wins and home losses; i.e. for a team like Rutgers last year the lack of road wins is balanced by the lack of home losses. Home/road splits should be irrelevant.
Focus on good wins is incoherent; in a coherent rating system there must be symmetry between good wins and bad losses. In a coherent rating system (margin of victory aside) you should be able to deduce a team’s rating based on the combination of a schedule and a record with no other info. If I give you a list of 30 games and tell you a team went 20-10 against it, which 20 that was should be irrelevant.
Conference vs non-conference should absolutely be irrelevant.
The entire system is founded on mental gymnastics.