Plenty of statements made in the past, but the below is directly from the NCAA website.
How are the NET rankings used?
Since the NET rankings serve as the primary sorting tool for Division I men's basketball, they play an important role in establishing a team's resume. The men’s and women’s basketball NET rankings and team sheets will be provided publicly on a daily basis on NCAA.com and NCAA.org starting in December.
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Using the quadrant system, which was in its fourth season in 2020-21, the quality of wins and losses will be organized based on game location and the opponent's NET ranking.
Quadrant 1: Home 1-30, Neutral 1-50, Away 1-75
Quadrant 2: Home 31-75, Neutral 51-100, Away 76-135
Quadrant 3: Home 76-160, Neutral 101-200, Away 135-240
Quadrant 4: Home 161-353, Neutral 201-353, Away 241-353
The number of Quadrant 1 wins and Quadrant 3/4 losses will be incredibly important when it comes time for NCAA tournament selection and seeding.
https://www.ncaa.com/news/basketball...-explained?amp
So I guess they don’t necessarily say you’re team 5 in NET, that equates to the top 2 seed line. But a team’s NET ranking is driven by their wins and losses, based on the quads.