Here is the background on NET ratings
NET rankings — The NCAA Evaluation Tool, or the NET,
was introduced in 2018 for the 2018-19 men's basketball season, replacing the RPI as the primary sorting tool used by the NCAA Division I Men's Basketball Committee. It was created after consultation with Google Cloud Professional Services. Women's college basketball adopted the NET to replace the RPI starting in the 2020-21 season.
The NET was changed prior to the 2020-21 season to increase its accuracy and reduce it from a five-component metric to just two components. The two remaining components are the Team Value Index (TVI), which is a results-based component that rewards teams for beating quality opponents, especially away from home, and a team's adjusted net efficiency rating, which calculates how many points a team scores on average on offense minus the number of points it allows on average on defense.
The NET previously used winning percentage, adjusted winning percentage and scoring margin.
NET rankings are updated daily (starting every December in a normal season) and they're used to sort wins and losses into one of four quadrants, such that Quadrant I games represent tougher games than Quadrant 4 games.