Next week will really set the stage for the rest of the season. I sense a couple different perspectives on this site, and this week should help consolidate them, IMO. Some think the tourney is optimistic, all the way to some thinking we've turned a corner and project to be top 4 B10.
Last year for example, only 3 teams made the tourney with more than two Q3/4 losses combined:
Arizona State (4) - 23-11 overall record, 10 Road/Neutral wins with a winning record both on road and at neutral sites
Baylor (3) - NET 39 but nothing really stands out beyond that. Every team except 3 with NET 40 and better last year made the tourney (Clemson, Texas, NC State missed)
VCU (3) - 34 NET, #2 NC SOS
Only two teams had a single Q4 loss; ASU, and Baylor.
Losing to NW puts Illini in the position of being one of those last couple teams trying to explain the Q4 loss with the rest of the resume.
On the other hand, winning against NW, @Purdue, and @Michigan would likely put Illini as favorites with MSU to win B10 championship half way through the season.