I completely disagree with this notion.
I -- like many others -- watch and love the NCAA Tournament for the Cinderella stories. The first Thursday and Friday each year in the dance are, IMO, the two greatest days in sports. That's when the little schools get their shot at the big boys -- and you can count on a couple mid-major, little known schools stepping up with a huge performance that is remembered for years to come.
Valparaiso, George Mason, Davidson, VCU, Northern Iowa, Harvard, Princeton, South Dakota State, Hampton, Richmond, Santa Clara, etc.
Sure, after Princeton beat UCLA in '96, they weren't going to go on an win the national title. But minus looking it up, I don't remember who did. But I sure do remember that upset by Princeton.
And I remember Hampton upsetting 2-seed Iowa State ... and every year in March Madness, we see the highlight of their coach being lifted up off the ground -- legs and arms flailing wildly.
I love that stuff!
College football is an entirely different animal. You have a small school program face a national power, and they'll get shredded by 70 points. The size and physicality differences are tremendous.
In basketball, you get a small school team full of upperclassman ... who play solid D and are smart with the ball ... and maybe a player or two gets a hot hand shooting ... and anything can happen.
Removing the opportunities for the small schools to put on the slippers, and you'd be removing what makes college basketball special.