The algorithm for NET is not publicly known, but they've said key components include a team value index that rewards beating quality opponents (especially on the road or at a neutral site) as well as something they call adjusted net efficiency which is said to be a team's offensive & defensive efficiency per possession, adjusted by game location and opponent strength.
Since NET relies so heavily upon results versus opponents and how those opponents are graded, it fluctuates very wildly up until January or thereabouts. We just saw Texas Tech basically trade places with an LSU team that was ranked 25 or so spots ahead of them after a single game. NET is just not useful at all right now. They may as well not even release it until maybe a month into conference play (just my opinion).
What I have noticed is that NET rewards undefeated teams in the most ridiculous fashion - hence LSU being ranked 13th or whatever they were while playing a schedule of absolute nobodies - and explains why Nebraska is currently so high in the NET. They did beat Creighton at home by 20 but they haven't played anyone else (and I'm not convinced that this 5-4 Creighton team is any good anyway). Ohio State just lost a game so NET was bound to penalize them in a huge way due to this, and it did.
My personal opinion is that Ohio State is actually a pretty good team with a dynamic (future NBA) player that Nebraska just does not have on their roster. Ohio State was ranked 9th in the B1G preseason media poll, Nebraska 14th, and aside from the game vs Creighton I've not seen anything out of that team that would cause me to move them up too much... certainly ahead of #13 Maryland, but I can't place them ahead of USC or even Indiana right now.