The WBCA has been doing this for a long time - they divide the D1 basketball teams into 5 regions, and select 'AA' players from each region. Each college nominates up to 3 players for consideration (controversy when Uconn probably had for AA quality players and could only nominate three) and the regional coaches select 'x' number - I am confused because I always thought each region selected the same number, but this year region one 9 players, two 15, three 10, four (us) 10, and five 8 - 52 total. Just checked and the regional selections are not fixed in number, they change each year - not sure how that works.
The WBCA AA team is selected from the nominees from each region. It is certainly an honor by your coach to be nominated, and a bigger honor to be nominated regionally, but like any of the awards, being a nominee doesn't get you a cup of coffee. Being selected at Uconn gets you on the wall.
