I've just learned today that I do in fact have ESPNU, so I can keep you folks updated on where the Cougs and other teams end up.
So will the Cougs end up in the NIT? Looks like that will be the case. Arizona making the dance may have sealed the deal. Not all NIT predictors agree with that though. NIT-ology has the Cougs as the first team out of the field, with Duquesne supplanting them today. Rene's Ramblings has Wazzu as the 22nd team into the tournament. The Bracket Project has the Cougs as a 7 seed playing their first game at St. Mary's. Those are the three that I found that seem to have been updated recently.
So where will the Cougs end up?
My figurative money would be on a 6-7 seed playing at one of the mid-major bubble teams somewhere warm. This could be St. Mary's (How about Marcus Capers on Patty Mills? Could Diamon Simpson handle Aron Baynes?), San Diego State or New Mexico. The NIT selection committee will probably try even harder than the NCAA tournament committee to keep teams close to home.
Wherever the Cougs end up, it will be exciting to see Baynes, TR, Caleb, and Daven out there again. The extra practice for the freshman couldn't hurt either! How cool would it be to see Wazzu play in Madison Square Garden?
You can find streaming video of the selection show here (thanks to ximiankernel for the link). If that doesn't work for you, stick around here and follow along. I will keep you updated in the comments if and when the Cougs find out where they will be.