SMU and Hall of Fame coach Larry Brown are staying home to play in the NIT.
Snubbed by the NCAA tournament selection committee after a three-game losing streak, the Mustangs (23-9) are a No. 1 seed in the NIT along with Minnesota, Florida State and St. John's.
The Mustangs didn't have consecutive losses until ending the regular season with losses to Top 25 teams Louisville and Memphis, before losing to Houston in their AAC tournament opener.
SMU opens the NIT on Wednesday night at home against UC Irvine. The Mustangs are 9-1 at renovated Moody Coliseum.
St. John's plays at home Tuesday night against Robert Morris, which upset Kentucky in an NIT opener last year after the Wildcats missed a chance to defend their 2012 NCAA title.