Yep, I've been griping about this since p-ville filled me in a couple weeks ago to let me know the committee no longer cares about how a team finishes the regular season. I think it's pretty clear which team is more likely to win a first round game -- Iowa or Nebraska.
But yet they will exclude a team or drop their seed because of an injury, which is clearly ignoring the entire resume and focusing on a recent event or more precisely, a 'projection' of recent events.
It makes no sense why you would take injuries into account going into the tournament, but ignore the recent record of a team that is clearly in free-fall and in no way deserving of a bid.