You would be eliminating any point of the regular season. Low majors, sorry, you're out before it starts. High majors, congrats, just based on your conference membership, you basically have to just be not horrible.
Beyond that, why do we want better, mediocre P5 teams in? Do we want them to win? I sure as hell don't. It's part of the reward for a great season, that you open with a few facto bye game. In the small minority of cases you lose that bye game,.that's fine, and fun.
It would be one thing if these mid majors were consistently.taking advantage of their autobids, upsetting a bunch of teams, and winning titles. They aren't. So replacing them with blah P5 teams, will either produce the same results, but in a less interesting manner, or they'll start winning more, which I think would actually be worse.
Football is different, because the field is so small. By giving a spot to an autobid, you are taking a spot from a legit title contender, a worthy top 5 claim team. In basketball the bubble teams have zero claim to be deserving of a national title. They are just the beneficiary of the format of the event. That's what it is, an event, that includes the conference tourneys. Once you start taking it as seriously as being upset that the 9th place Big Ten team is out to let the SWAC champ in, you are treating it as something completely different than what it is. If that's what you want, that's fine. But in that case you shouldn't want any sort of monstrous single elimination bracket
