Like Hodger already said, poll rankings are meaningless in college basketball. I mean, really...who gives a sh*t?
Can't agree.
Rankings DO make a difference in college basketball, if anything to generate publicity/attention for the school --> more publicity (ESPN shows highlights of the Top 25 ranked team's games, and usually doesn't for any non-ranked teams) --> excited fan base (fans get more excited about ranked teams) --> more revenue (more people attending games, more advertising) --> etc.
It's a domino effect. If teams are ranked, more fans, recruits, etc. can watch the games (typically ranked teams are televised more often), more excitement around the team, and recruits get excited about the program, just like their fans.
If you don't think certain star basketball and football are considering schools like Gonzaga, Baylor, and Kansas State in basketball and Boise State, Oregon, Nevada, in football more than they were 5-7 years ago, you're crazy.
Like or not, rankings DO matter in collegiate sports. Hell, like it or not, rankings matter in nearly anything, if anything because a huge chunk of the population makes decisions based on them (what car to buy, what college to attend, etc.).