I was trying to find an old rebounding thread but came up empty. I know there was an old dev chat that explained the rebounding logic and this is what I remember.
First, I don't remember how the engine decides which team gets the rebound and that's not exactly helpful, lol.
Once it decides which team gets the rebound it assigns it to a player. The formula to decide who gets the rebound is something like Center's rebound rating * 0.35, PF's Reb rating * 0.35, SF's Reb rating * 0.2, guards Reb rating * .1 and then it assigns the rebound to a player based on probability they'd get the rebound. Guards are rated the same and the PF and C are rated the same.
Of note, rebounding is affected by ATH, REB, OFF IQ (for offensive rebounds), and DEF IQ for defensive rebounds. There's some debate on whether or not SP plays a role and I'm not convinced it does.