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IMO pretty close to perfect as it is. Do we really need teams barely over .500 from major conferences in the tournament? The way it currently is, it may be slim but there is always a chance at an upset in just about every game but the 1/16. I guess it will help out a handful of mid-majors that get left out each year, but like I said it seems unneeded and just a greedy cash move.
I would cut two (2) games off all Division I school's current schedules and let everyone into the tournament. Granted, you would need to take advantage of various locales when it came to scheduling. For example, Evansville (a stinky team) could travel up Highway 41 to play Indiana State (a slightly less stinky team). After the first two (2) rounds, you would be down to approximately 64 teams and the seedings could be redone.
This is a terrible idea there's no other way to slice it. 64 teams is plenty. But hey, rational thought and the NCAA don't exactly go hand in hand. If they make any tweaks they need to eliminate automatic berths. No one wants to see these scrub conference champs in as the 15/16 seeds only to get mopped by the top seeds. I'd actually love for them to do that, it'd give more bids to the power conferences and would allow for more of the 64 best teams to make the tourney than is possible now.