From my experience KU downplays the importance of it and justifies getting rest when they don't make it past semi's.
Kansas lost in the quarterfinals in 2017. And still got a #1 seed in the ncaa tourney.
Kansas lost in the semis in 2014. And still got a #2 seed. Beating Iowa State in the semis and then Baylor, who made the finals as the tourney's #7 seed, would not have earned KU a #1 seed that year. We would have had 8 losses if we won the Big 12 tourney. The 4 #1 seeds that year had 0, 2, 4 and 6 losses.
We lost in the semis in 2012 but still got a #2 seed. Maybe we get a #1 seed if we win the tourney but we would have been the #2 seed in the west instead of the #2 seed in the midwest where we played in front of a pro-KU crowd in St Louis to make the Final Four.
So three times in the last 7 yeats we failed to make the semis of the Big 12 and it didnt negatively affect our ncaa status at all. AKA meaningless.
I know you have a narrative you're playing to but the facts do not support it.