Urgency comes from outside of you; usually from other people, sometimes from natural processes e.g. the seasons. Urgency is relatively easy to measure. The result of urgency should be WHEN you do something.
Importance comes from within you, or within your organisation. It’s a matter of choice and depends on your goals and values. For example football may be important to you or it may not be, there’s no right or wrong, it’s a matter of choice. But it will (or should!) affect HOW MUCH time you allocate to it.
The objective of time management is to work out what is important and to then find ways to spend as much time as possible on those important things.
Importance and urgency are not necessarily connected. In fact if you take out the occasional crisis and the hopeless slobbing activities, everything else tends to be either important or urgent, but not both.