When assessing how the committee did it is important to note that some members of the 2014 class aren't eligible for selection due to their status as fifth year prospects. In this year's class players such as Chris McCullough, Devin Robinson, and Jonah Bolden all fit that description. Also Malik Pope isn't eligible because he didn't participate in half of his high school team's games this year because of injury.
With that out of the way, this year the committee did nothing egregious in their selection process. While not all the top ranked guys according to Scout.com got in, all of the players on the roster are deserving, and those who missed the cut were all on the borderline.
The lowest rated kids to be selected are Thomas Welsh, Reid Travis, Grayson Allen, and Romelo Trimble. Welsh, Trimble, and Allen especially have had excellent senior seasons, and will all climb in the rankings, and given Travis' resume against the top talent in the country it is impossible to be upset with him making it.
Victor hasn't quite had a McDonald's quality senior season this year, so his exclusion was seen as likely. It was a bit surprising to see Hamilton, Bates-Diop, and Morgan not make it, and even though he is having a tremendous senior season, Lyle didn't seem to have much buzz from voters, and his exclusion, though not necessarily justified was seen as likely.
It is easy to get picky and say one player should have made it over another, but at the end of the day the committee deserves praise for their job this year, though unfortunately that has been more the exception than the rule in recent years.
Overall the game should be a lot of fun and nearly all of the elite players will be in the game, and some fun matchups will be seen one final time.