Looking at KenPom's team page for Colorado:
On offense, #16 in the nation in 3P% but #332 in 2P%. This team has been more likely to knock down a contested 3 pointer than a contested layup. Also does very well on FT% (#53) and Offensive Rebounding % (#43) but is horrible on getting its shots blocked (#293) and allowing steals (#327). That adds up to an overall O Rating of #117. Basically, it's a NIT bubble team in terms of the offense in a weird way -- good or bad at different things with nothing in between. Which is why we see this team being so damn hard to beat when it moves the ball well (plays inside-out) without turning the ball over. On those nights (or those game segments), the things it does so well come to the forefront.
On defense, the Buffs are back to playing Tadball this season. #24 defense in the nation. Starts with being #13 in avoiding offensive rebounds by opponents. #46 in eFG% (combo of defending 2P, 3P and not giving up FTs). Also #57 in Block%. Only thing it doesn't do well is steal the ball (#294) / force turnovers (#325).
http://kenpom.com/team.php?team=Colorado
All of the above just cements what we've been saying all season as the key for this team's success. Defend, rebound and value the ball. When all 3 of those things happen, the offensive firepower is there to beat anyone and they're good enough to beat a pretty good team even on an off shooting night.