That's correct.
The best seats are in 104L through 106L. They're primarily season ticket holders, but there will be a lot of resale tickets available. Ticketmaster has them. Zoom in on a section and the pink dots are resale, the blue are from the ticket office.
Only the lower bowl will be open, and it appears the end line sections (those that don't have students) are not being put up for sale. (The arena seats between 10 and 11k downstairs, Purdue attendance was 10,500.)
The biggest legit criticism of the arena is the end line configuration - long, sloping sections that quickly take you away from the action. (This allows some flexibility for event types but really sets it back as basketball arena.)
Sections 104-106 and 121-124 (behind the students) are the next best bets after 104L-106L.
As I type this, there are 250-ish tickets available in those sections (about 50 in 104L-106L), and most of those are resale that are only available in pairs. Many are going for face value at Ticketmaster.