It does a good enough job to be useful as a sorting tool.
Maybe. I guess it depends how bothered you are by its flaws relative to the flaws of the old RPI system.
In the old RPI system used for years and years, 14-6 St Louis would be sitting in great shape at 42. We’d have said their blind resume includes wins over 22 and 40 (both pretty solid field teams in Memphis and Providence). Decent wins over 75 and 85 (SI and Drake). Two games against RPI 36 (VCU) left on the schedule. Their worst losses wouldn’t have been perceived to be that bad - single digit losses at RPI 111 (@ UMass) and home vs 160 (a 14-7 team).
In the NET system though, these Q3 and Q4 blemishes are seemingly unrecoverable with their garbage Net of 85.
Now, I’m not saying St Louis should be in the field, but I sure think they should be in ahead of 11-9 OSU. If your curious - under the old, pure win system, OSU would be sitting at RPI 99. Completely out of the discussion sitting at 2 games above 500.