NCAA Evaluation Tool (NET) explained

NCAA Evaluation Tool (NET)
Source - BetMGM.com: The Roar – Ryan Hannable 2023-01-26
Explaining NET Rankings in College Basketball

The NCAA replaced the RPI (Ratings Percentage Index) with the NET (NCAA Evaluation Tool) to evaluate tournament résumés throughout the season.

The NET algorithm is composed of two parts: team value index (TVI) and an adjusted net efficiency rating. TVI is a result-based feature that rewards teams who beat quality opponents, especially on the road. Meanwhile, adjusted net efficiency accounts for strength of opponent, as well as game location (home, away, neutral).
It is also worth noting all games carry the same weight. So, a game played in November means the same as a game played in early March.

The exact algorithm is unknown, and it isn’t 100% clear just how much weight the NET has when determining the field and seeds. But, it definitely is a piece of the puzzle for the selection committee.
With that being said, NET rankings do play a major role in a team’s resume with the quadrant system, such as Quadrant 1 wins.

NET Quadrant Records
This is where the quality of wins and losses are organized based on game location and the opponent’s NET ranking.

Quadrant 1: Home 1-30, Neutral 1-50, Away 1-75
Quadrant 2: Home 31-75, Neutral 51-100, Away 76-135
Quadrant 3: Home 76-160, Neutral 101-200, Away 135-240
Quadrant 4: Home 161-353, Neutral 201-353, Away 241-353

For example, if (Kansas) beat (Oklahoma) on the road and (Oklahoma) had a 74 NET ranking, (Kansas) would be credited with a Quadrant 1 win. (If Oklahoma’s NET ranking subsequently dropped below 75, that Q1 win would become a Q2 win).

Quadrant 1 wins will be very important come Selection Sunday, while a bunch of Quadrant 3 and 4 losses could be bad news for any teams on the bubble.

AP.com: NET? Quadrants? Deciphering lingo about NCAA tourney bids. By AARON BEARD March 5, 2020
Excerpt:
In short, it’s less about where teams stand in the NET compared to where their opponents do. And that’s where quadrants come in.

THE QUADRANT SYSTEM

The NCAA adopted a four-tiered system for 2017-18 to better evaluate game results. It uses the NET to sort games from Quadrant 1 at the top through Quadrant 4, with games away from home carrying more weight.

It’s worth noting: game results can move between quadrants throughout the course of the season depending on the fluctuations of an opponent’s NET ranking. (emphasis mine - HE)
end excerpt

I don't agree with that, as things change. For example, a win over TCU with Miles and Lampkin is not the same as a later win versus TCU without those two. But at season end the two will be considered the same based on the final TCU rating. Really not an accurate representation of the quality of those two wins at all.