I've written about the RPI before, but I always enjoy another chance to crap on it. Unfortunately, the tournament committee does pay attention to it, though they won't acknowledge how much weight they give it. Just as unfortunately, the RPI is bullshit...always has been. Not sure they use the same formula that they used to, but essentially here's how it works; take your team's winning percentage, take the winning percentage of teams that your team played, and take the winning percentage of teams that played the teams your team played. Use the first number as 50% of the final RPI and the latter two as 25% each. What ends up happening, of course, is that it is very heavily weighted by who you play and less by how you did. If you look at the RPI you'll see this clearly since most of the top 20 also have very high SOS ranks. Score differentials also don't count, just wins and losses.
In recent years they've also added something called the Team Power Ranking, which much more closely match, e.g., Sagarin's ratings and are clearly a much better yardstick. I'm not sure how these are calculated, but at least they don't end up with a team like St. Joseph's at #2 after beating a slew of middle of the road teams and losing to LSU. In the interest of full disclosure, they did recently lose to Syracuse and dropped all the way to #6. Anyone who thinks St. Joseph's is the 6th best team in the country, let alone 2nd best, raise your hand...tick...tick...tick...that's what I thought.