Simple Rating System
It uses game scores and strength of schedule to estimate how much better/worse on a neutral court a team was than the average team during that particular year of college basketball.
Based on SRS, there have been a few (thought not too many) Iowa State basketball squads that were worse compared to their peers that season than the nuclear meltdown 0-19 Prohm team.
I think your last statement about preferring to win conference games is spurious. Schedules weren't set up the same in the 1970s as they are now with so many buy/easy win games.
Here was the non-con for that dreadful 1975-76 season...
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Notice the bulk of it is "peers" from other major conferences or mid-major conferences that weren't far behind them (such as the MVC and Metro). There aren't Mississippi Valley St. types there. The 1970s weren't also a period of Big 12 dominance where winning a conference game -- any conference game -- in the Big 12 is an accomplishment given the consistent quality of the teams and brutality of the round robin. That old Big Eight had some clunker programs (Colorado, Nebraska) that others decide to take off our hands.
So, no, I don't think winning a few conference games saves that 1975-76 team. Winning conference games just wasn't emphasized back then the way it is *everything* to us now given the way the schedule sets up and the fact the non-con was made up of actual peers instead of easy-win cupcake games.