So, a deeper dive into what Palm just ignores. Among the teams Palm has seeded 5th through 8th:
Most wins: Illini tied for 13th, but within 2 wins of everyone except Clemson (27-5), Memphis (26-5), Louisville (26-6). None play in a league like the B1G or the SEC
Q1 wins: Illini tied for 3rd with 8, behind only Michigan (9) and UCLA (9)--and beat them both
Q1 + Q2 wins: Illini have the most at 15. Louisville and BYU have 14. Among teams seeded higher, Memphis has only 11 and Missouri only 10 (and Illini beat Missouri on neutral court)
Q3 losses: Illini currently have zero. Memphis has 3 and Clemson and UConn each have 1
NCAA's NET: Illini 15th, trailing only Arizona (11th) among these 32 teams. Among teams Palm has rated higher than the Illini, Memphis is 48th, Mississippi State 34th, Michigan 30th, Mississippi 27th, Louisville 26th and Marquette 25th in the NET. The committee may not follow the NET completely, but I'm not sure why it would not give its own metric some weight.
Quick lay person analysis (with emphasis on my lack of expertise and noting I am not a psychiatrist): Jerry Palm is nuts.