http://www.pcworld.com/article/119995/stepbystep_polish_your_tvs_picture.html

Three of the colors in the vertical bars are the primary colors used in TV broadcasting, red, green and blue. The four other bars are mixtures of those three primaries. The magenta bar is an equal mixture of red and blue; the cyan bar is an equal mixture of green and blue, and the yellow bar is a equal mix of green and red.

In essence, you have used the brightness control to adjust the contrast of black areas, and you have used the contrast control to adjust the brightness of white areas. This is the key to proper balance of the two controls.

Now, on to the color settings. For a rough adjustment, turn the color control back to its normal setting and set the tint or hue control to its midpoint.

The final adjustment is for color saturation. Keep the color control set low enough so that colors are natural, and not neon-bright. Judging by the reds us easiest, since they will be the first to "bloom."