I like two play-in games to a straight, single-elimination 16-team tourney, no byes. A Sweet 16, of sorts. It could get done Wed-Sun.
You'd need to hold it in a city where there are two venues to play eight games on Thursday with slightly staggered start times. BTN, FS1, CBS Sports Network, etc. could try to televise them all. It would almost be an NCAA 1st round feel with a couple of games going at once on Thursday.
There are many cities in the Big Ten footprint capable of this, knowing the one-day, second venue wouldn't likely need to be an 18,000 seat arena.
As an example....something like:
WEDNESDAY:
#18 vs. #16, 6:00 (Target Center)
#15 vs. #17 8:30 (Target Center)
THURSDAY:
#1 vs. 16/18, 11:00 (Target Center)
#8 vs. #9, 2:00 (Target Center)
#4 vs. #13, 5:00 (Target Center)
#5 vs. #12, 8:00 (Target Center)
#2 vs. 15/17, noon (Williams Arena)
#7 vs. #10, 3:00 (Williams Arena)
#3 vs. #14, 6:00 (Williams Arena)
#6 vs. #11, 9:00 (Williams Arena
FRIDAY:
#1 vs. #8, 11:00 (Target Center)
#4 vs. #4, 2:00 (Target Center)
#2 vs. #7, 5:00 (Target Center)
#3 vs. #6, 8:00 (Target Center)
SATURDAY:
#1 vs. #4, 2:30 (Target Center)
#2 vs. #3, 5:30 (Target Center)
SUNDAY:
#1 vs. #2, 2:30 (Target Center)