You think the NIT makes money for the NCAA? Hardly any I'd imagine. The only reason they own it was to put an end to an antitrust lawsuit from the prior owner....because the NIT was going out of business. Pitt declining doesn't effect the NCAA one iota. They'll make the same amount of money regardless. Every year there are teams that feel snubbed. It's part of basketball. If you don't want to feel snubbed, stay the hell off the bubble. Thinking you are somehow punishing the NCAA for not inviting you is a foolish reason to turn it down and effectively a temper tantrum.
I vehemently disagree with the message it sends. You simply do not turn down opportunities to keep competing and work on your game, especially against quality, organized competition. You get over your disappointment about not getting something you think you were entitled to, and take the opportunity to prove something and just compete. No one is entitled to get what they want or think they deserve. That's life, now go make the best of it and prove people wrong. Not this group, they'd rather sulk.