I believe Evansville made the correct decision to end their season after not being invited to the NIT. They clearly didn't deserve an invite, when you look at their schedule and lack of significant wins.
I do highly respect their decision to decline invites to play in the "everyone gets a ribbon" tournaments of the CBI, CIT and the Vegas 16.
In my opinion, if you're not good enough to get into the NIT or NCAA, it's time to end the current season and focus on the next.