It is an unfair standard that for conferences like the Valley, the expectation is that you must be perfect (outside of a tournament AQ) in order to qualify. The idea that Iowa could seriously be more "deserving" of a tournament slot over either of these teams just doesn't pass the eye test.
When you don't play many quality opponents, it ups the margin for error in the remaining games.
When i compare Iowa and Drake, its not just that Drake is "not perfect".
Drake has 2 losses that are worse than Iowa's worst. Drake's best win? If they don't win today it'd be a home game vs Net 26 indiana state. Iowa's best win? A road game vs net 23 Michigan state. Edge Iowa.
They have an equal number of Q1 wins. Drake's winning percentage vs q1 is better, but that's largely in part due to iowa playing losing its toughest 6 games that were all tougher than any game Drake has played. Iowa has 1 loss to teams lower than 100. Drake has 5.
The main difference between the two in terms of overall w/l is that drake played more q3/4 games and iowa played more q1a games.