Those are remnants from the Knight-era. Knight only believed in banners for national achievements, eschewing banners even for Big Ten titles (with the exception being 1983). In general, I think this is a pretty difficult thing to complain about with IU, considering they've been probably the most discerning program when it comes to this (it's been awhile since I've been to most of these arenas, but I'm guessing IU was the only school that did not hang Big Ten banners, and may still be the only one without individualized Big Ten banners--the former may even be true for all programs across conferences). This might be the last time I get to say this, however, as I'm pretty sure "participation ribbons" will soon be the order of the day. My point is most IU fans seem to think Purdue hanging a Helms banner is the height of comedy, and they have a UPI and pre-season champs (what is that even?) banner hanging in their gym. I think the difference would be that Purdue fans tend to count the Helms title (which was voted on years later, after-the-fact) as an actual national championship and I've never heard a single IU fan count the UPI thing as anything worthwhile or even know that it really exists (it was voted on at the time, at least). Purdue has every right to hang the Helms banner--and, frankly, I would too--but it's not a "national championship" by any common understanding of that term for college basketball. There is no "preseason" banner. There is an NIT banner, which includes both postseason and preseason NIT victories (Knight loved the NIT). The postseason NIT banner has been there since it was won, and IU then added the preseason NIT victories to the bottom of the NIT banner. IU has won other preseason tournaments and does not hang banners for them, so this is more accurately described as an "NIT banner" not a "preseason banner." Basically, both the UPI and the (preseason) NIT banners were ways of recognizing teams that were very, very good but failed to win a national title and thus meet the standard Knight had personally set for hanging banners (at that point, IU did not hang Big Ten banners). They're both a bit of an historical oddity, and whether they should be there, or if I'd personally hang them, is different. Either way, IU has, to this point, been very discerning about when to hang banners and how many. (Though, again, I suspect that is about to change in a significant, disappointing way.)