Lunardi just said we won't be a 1 seed because 1) human nature - committee likely had 1 seeds picked Thursday or Friday and 2) a strength of nonconference schedule in the 300s which a one seed has never, and will never have on their resume.
Those are the lamest excuses ever. No mention of our Q1 record or overall strength of schedule.
Quick notes - expanding based on your summary, I didn't hear/read it from Lunardi directly.
For (1) Yes, I assume the committee had 1 seeds penciled early in the process, but a LOT has occurred since late Friday that was unexpected and uncommon (not only directly with ISU, but other factors). There would be time for some reassessment. If it all happened in today's later games, perhaps it wouldn't change as much. (Not an "official" analysis, it's my take ... or at least the way I think it should be handled in realistic manner).
For (2) Lunardi does have a good grasp on what the committee does
historically or typically, but simply because a sub-300 OOC hasn't received a 1, it doesn't mean it's impossible or can't happen. That's viewing it in a vacuum. Every situation is different.
My hunch is ISU will be a 2, so I'm not arguing we deserve a 1, just that neither of those are a primary justification.