It does take into account your W-L record. It's just that your W-L record only counts as 25% of the formula. I agree that there are better formulas out there, but the main problem with it is that, like other computer rankings, it gains its strength as you add data. So, right now, it's still not as good as it will be as an indicator.
If State keeps winning, you'll be able to play your way into a solid RPI because the SEC overall will give you a boost, even in a down year. However, like I mentioned, your main problem will be that your resume won't include many, if any, signature wins. If you're on the bubble, that could hurt you. I've seen times when they mention that they were down to a couple of schools, and they gave the nod to one over another simply because that one school proved they could beat NCAA tourney competition while the other school may have only had one or two wins over quality competition.
So, you'll need to pay close attention to your games with Florida, Tennessee, and UK. Those are your biggest opportunities to get those signature wins. If you go 11-5 or 10-6 without winning any of those games, you may be NIT-bound.