I won't disagree with what you said, but every year is different. Maybe that 2004 team didn't have the type of schedule (ie. played tougher teams at home, etc), maybe an injury cost them a couple of wins. I dunno, because I've not researched it. I'm just not sure I care whether we lost in the 2nd round of the NIT as opposed to just missing the NIT. I can see where many do and have no problem with that approach. I guess what I'm saying is the 2004 team wasn't as "bad" as the 2007 team and I'm not sure that's saying much.
ON EDIT: I think after comparing those two schedules, it confirms a little of what I was saying. Both teams were average to below average. The 2007 team had a better win - ranking wise over #17 OSU (the 04 team beat #25 MSU). They both went thru extended losing streaks. Both teams appeared to compete with not much talent. I DO believe the 04 team had more experience than the 07 team, but it'd be splitting hairs.