Well, it looks like you are correct. I stand corrected. If it was a 2-way tie with Drake, Drake would win the tiebreaker due to winning both head to head games.
However, it gets a bit complicated, since it does not look like a 2-way with Drake tie can happen. The only way Bradley could tie for 3rd is if they win their last 2 games to finish 10-8, Drake loses their last 2 games to drop to 10-8, and ISU goes 1-1 (since ISU would have to beat Drake on Wednesday for Drake to fall to 10-8 ). But that would create a 3-way tie for 3rd, and if there's a 3-way tie for 3rd, the first tiebreaker is:
...regular-season competition among the tied schools shall be pooled into a “mini round-robin.” Teams shall be ranked according to their position in such a round- robin.
Since Drake beat Bradley twice and would have a split with ISU, Drake would have a 3-1 record in this tiebreaker round robin. If ISU wins Wednesday, they will have split with both teams for a 2-2 record, and Bradley would have a 1-3 record against DU & ISU. So Drake would get the #3 seed in that scenario, ISU the #4 seed, and Bradley the #5 seed. So even though Bradley could tie for 3rd, if they did, they would still not get the #3 seed, and would drop to the #5 seed. (I have added an edit to my post above)
The best Bradley can do is hope Drake and Loyola both beat ISU, and Bradley can grab the #4 seed by winning their last 2.