All I care about is a chance to play beyond the IL tourney. That tourney will be a true crapshoot.
So yes, the #1 position is very important--not so much for the tourney, but for knowing that at minimum they will be playing after that weekend no matter what.
Last year, I would have been ecstatic to have been in the NIT. This year, however, it's going to be a serious disappointment. I suspect most of the rest of the Penn fans feel the same way.