According to this Wikipedia article, the selection process was changed in 2006. According to the article, teams are no longer required to have a .500 record and conference champions will receive an automatic bid. However, I am still unclear on if there are still any other restrictions to a team's record for them to be eligible and how the other teams are selected.
- Is it still based on number of wins/win percentage?
- Can a team play in both the NCAA tournament and the NIT?
Also I know that, unlike the NCAA tournament, the NIT holds games at the home courts of teams instead of at predetermined regional sites. The article notes that prior to 2006 home court advantage was based (in part) on a team's expected attendance in the tournament. Is it still based on this, or the team's seed or something else?