For whatever reason, the committee drastically under-rated the Big 12. Texas, ranked in the top 10 almost the entire season and coming off a trip to the conference finals... got a 4 seed. Texas A&M, ranked in the top 25 and clearly the #3 team in the Big 12... got a 7 seed. Missouri, a team that went 23-10 is an 11 seed (crazy when you look at some of the teams seeded in front of them). Kansas State, strangely, was over-seeded by getting a 5. There is no way to make sense of them being seeded 2 lines higher than Texas A&M. That one is a really weird outlier that makes no sense given the rest.
Anyway, the lack of love for the Big 12 really hurt CU. If you don't value the conference appropriately, you don't value CU going 10-9 highly enough for it to overcome a weak non-conference schedule that was devoid of marquee wins or even very many matchups with decent teams.
I think that Beebe showed himself once again to be an awful conference commissioner. He did not sell the Big 12. I can guarantee that the folks in Texas, Texas A&M and Missouri are not happy with him today. Considering that those represent the programs in the only significant Big 12 (10) media markets going forward, this is not a good day for Mr. Beebe.