While I disagree with the committee I can at least see why they have not ranked Indiana. They lost to a bad Michigan State team. Who is their best win, 4-5 Nebraska? While they have 7 wins, not one of those wins came against a team that has a winning record. In fact the teams Indiana has beat average W-L record is 2-7. It's actually 2.4 wins, but we'll found to whole numbers.
Now I think they should be ranked over some of those 3 loss teams, but I understand why the committee does not have them ranked.