The AAC was absolutely undervalued that year. The committee didn't know what to do with a conference that had 5 good to very good teams at the top (Louisville, Cincy, UConn, Memphis, SMU) and 5 abominable teams at the bottom (Rutgers, Houston, USF, UCF, Temple).
The KenPom that year went:
1. Louisville
15. UConn
27. Cincy
31. SMU
36. Memphis
All these schools were lower than they would normally be (other than Louisville, of course) because of what follows:
132. Houston
150. Temple
155. UCF
170. Rutgers
191. South Florida
The committee got Cincy's seed mostly right and they did what Cincy always does. Louisville was underseeded by 2 seed-lines. Same with UConn. Memphis was mostly right. And SMU should have made it.
But not often is there that big a chasm between top and bottom in a conference.