IMO, the reason a game this early in the season can feel so much like a "must-win" game isn't so much because of how the outcome could affect (or not) tournament seeding, but it most definitely could have an impact on how the program is generally perceived. Continually losing nationally televised big-event games such as this one definitely can hurt the overall perception of the program. Losses in games like this one just gives opposing recruiters ammunition to use against us.
So, no, it isn't must-win for the season, but we really must start winning more of these games when we have the opportunity to raise the respect for the program in general.