Although Pitino did state he didn't want to go to the also-ran tournament, most of the time when this happens its schools that feel they were snubbed by the NCAA and then basically take their ball and going home in protest. That happens almost every year and has for a long time. It's no different than when bigger programs declining bids to lower rung bowl games when the feel they deserved a better bid. It just happens more with hoops.
With teams declining NIT bids, it makes it even worse that Toldeo got left out. The MAC has been a one-bid NCAA tourney conference since the late '90's. Now it has gotten so bad we are a one-bid conference for the entire post season.