The Hoosiers are currently 20 games into their 31 game schedule, not including their guaranteed Big Ten tournament game. Here's what their record looks like currently, with the main selection metrics that I could find.
Record: 13-7 (3-4)
Strength of Schedule: 54
Non-Conference Strength of Schedule: 152
Record away from Home: 2-5
Versus RPI Top 50: 1-4
Versus RPI Top 100: 3-6
Best Wins (by RPI): vs. Wisconsin (3), vs. Illinois (60), vs. Washington (neutral site) (69)
Worst Losses (by RPI): vs. Northwestern(113), @Illinois(60), vs. Notre Dame (neutral site) (89)
Remaining Schedule: @Nebraska, Michigan, @Minnesota, Penn State, @Purdue, Iowa, @Northwestern, @Wisconsin, Ohio State, Nebraska, @Michigan, Big Ten Tourney Game(s)
What Indiana has to do to make the tourney: Indiana is currently in a three-way tie for 6th in the conference with Ohio State(!) and Purdue. Finishing 7-4 and a decent showing at the BTT gives Indiana at least 20 wins and probably a chance at a decent double digit seed or better, which is probably the absolute best scenario right now. 6-5 puts Indiana at .500 for Big Ten play, and means they probably have to win their first BTT game to be on or above the bubble. 5-6 means 18-13 (8-10), and probably a deep run into the BTT to be on the bubble. 4-7 not only puts the fanbase on edge and probably warms Tom Crean's seat just a bit, but guarantees that only a BTT championship will get the Hoosiers to the NCAAs. If Indiana stumbles to 3-8 or worse (barring serious injuries or illnesses), Crean may not make it out of calendar 2014 as Indiana's head coach. That is the worst case scenario, and I seriously doubt it will happen, but with this team, it cannot be completely ruled out.
I'm not a bracket wizard, so I couldn't possibly project the Hoosiers into a seed right now, but it would surprise me if a single digit seed popped up for Indiana with anything short of running the table at the BTT after a good conference finish (5th or better). Feel free to debate and compare below.