16-team bracketed tournament with 4 sub-regionals of 4 teams. 4 subregional winners advance to Madison Square Garden. Gophers will play first 2 at home (including a consolation game if they lose). If they don't win both, I'd assume they'll get 2 additional home consolation games the following week, but they'd be worthless opponents.
I'd expect the 1st game (Round of 16) to be a cupcake, the second game may be a decent opponent, but one Gophers will be expected to beat. If Gophers don't make it to MSG that would be a very bad sign. The NIT is set up to get the 4 best teams to NYC, but it doesn't always work out that way. (see Drexel beating sub-regional host Rutgers this year)
I like the NIT because season-ticket holders on back-to-back nights will get 2 games for the price of 1; the other games not involving the Gophers, similar to when the Gophers hosted the NABC "Classic" a few years ago. May not be the greatest teams, but I'll always take free Division I basketball.