That's not the set up of the tournament.
It's 30 or so automatic bids, and the best 30+ other at large teams. The only guarantee is that the top 34 or so teams will be in the tourney. Usually it ends up being about the top 45 or so teams, plus about 20 other automatic bids to teams that aren't in the top 45.
Every year you hear fans of bubble teams gripe about it, but the fact is, if you don't earn your automatic bid, and if you're not one of the top 40 teams in the country, then you haven't earned the right to play in the tourney.
Fortunately, for MSU's sake, you have a shot to earn your automatic bid. Unfortunately, I think that if you don't beat UT today, you'll be NIT bound, but you have your shot to earn your spot. Your team failed to do enough early in the season to lock up a spot as one of the top 40 or so teams in the country, which means now that you're left with the auto-bid as most likely your only option.
This tourney is probably the best, most fair, postseason in all of college sports, so I don't see why people continue to gripe about it.
As far as the auto-bids that aren't in the top of the country, they serve multiple purposes:
1) They create a field that allows everyone potential access (unlike football).
2) They make it that much more important to earn one of the top overall seeds in the tourney, because it means you get a much easier first round draw.
3) They create great Cinderella stories when a team pulls an upset or two and advances further than you'd expect.
Let me also add that my idea of the perfect football playoff would be a 16 team playoff with auto-bids for all 11 conferences. Would it be the top 16 teams in the country? No, but it would include everyone, and you'd typically get the top 10 teams at least, which is all you would need to have a fair playoff. The Sun Belt would get a bid to give them a chance to be a part of the system, but also it would serve as a system to reward the teams that get the 1, 2, and 3 seeds by giving them match ups that they would most likely win easily.
Do you think you really need the top 64 or 65 teams in the country to determine the true national champion? Of course not. You already have the top 40 or so teams, and that's plenty to ensure that you include all the teams that deserve a shot at the national title, and honestly it's way more than you need. If you wanted to be sure you included every teams you needed for basketball, you'd have a 16 team tournament and invite only the best 16 teams in the country. That would cover every team you needed to ensure you included all the teams that deserve a shot. Every other team that gets a bid is basically just aiming to see how many games they can win, with little consideration of actually winning the tourney.