I don't think they got hosed at all. When you're a mid-major, you have to have at least one "signature" win that gets people talking. All of their wins were just sort of "ho-hum". They went about their business and that was about it.
Contrast that with Drake a couple of years ago. They had a thrilling victory over Butler, at Butler, on national television. Combine that with their 30 point victory in the MVC Championship and you have the roadmap for a #5 side.
And as much as they'd say it doesn't matter, I think style of play comes into account for the committee....especially for mid-major teams. If you have a team that runs up and down the court for 40 minutes, presses......and just generates overall excitement, I think those teams end up with higher seeds....rightly or wrongly.