For most here, I'd say K-State needs 2 more wins. 1 more win will satisfy some, but there will still be disappointment. A first round loss should be disappointing to everybody.
I think the season expectations for most college basketball fans are pretty simple; play good basketball during the season to get a high seed, then in the tournament at least play to your seed. The Cats gave us a bonus conference title this year as well, so that helps, but at the end of the day most college basketball seasons will be judged by March, and you set up your chances of success in March in large part by what you do during the season.