This is all about increasing revenue. The NCAA won't match the 10 year, $6 billion contract it signed with CBS for the last deal so they feel like they must come up with a way to maintain or increase the revenue.
Some ideas I've heard that could increase revenue but not subject us to the idiotic 96-team field:
1. Make the Elite-8 and later a best of 3 series. Would add no fewer than 7 additional games (14 max) to the tourney. Would make it more difficult for a cinderella to make it to the Final 4 but some might not see that as a con. Problem would be how would you schedule the games.
2. Expand the play-in games. Take final 4 at-large spots and make them play-in games (8 teams total involved). Adds an additional 4 games. Could be played on a Tuesday and those teams play on the first Friday (meaning they would have some rest for their first round game). I think there would be great intrigue for those 4 games. Con is it kind of ends the bubble debate, even though I guess it could extend to those that didn't make one of the 4 play-in games
3. Change the tournament so the first round is 4 days long instead of 2. First round would start on a Tuesday and would end on that Friday. This allows for all games to be played in Primetime, where ratings are much better than afternoon games. I hate this idea since I love the anticipation for the 11:15 AM Thursday tipoff. One of my favorite things in sports. However, this has some merit in generating revenue. It would move 16 games from the afternoon to primetime and that has to be worth some cash, plus attendance at the games would be higher. One big con: the turnaround to start the tourney on that Tuesday would be tough if Selection Sunday is kept intact.
All of the above would keep the tournament to no greater than 68 teams involved and all would increase revenue. Each has its pitfalls but it's certainly better than 96 teams.