If Illinois, the #11 seed, beat Michigan on Tuesday and UCLA on Wednesday, they would have two days off and then play in semi's on Saturday. Oregon, the #1 seed plays Thursday and Friday. If they play in championship game they would play 4 games in 4 days. Illinois would play 2 have 2 off and then play 2 again, if it made it to the championship game. Advantage #11 seed.
The only advantage I see with this format, is top 4 teams can lose a game and still get to semis. For example, if Iowa got beat by Indiana or Rutgers, they could still advance to semi's and then win the whole thing or if they made it to the championship game, they might still get an at large bid. In single elimination format, the loss could hurt their chances of getting an at large bid.
But as others have said, there are so many meaningless games. If Nebraska loses tonight and Oregon beats Michigan State on Thursday the Friday night finale between Nebraska and Oregon is irrelevant as Oregon advances regardless of who wins. While some die hard Husker fans may go, who is going to watch other games when nothing is on the line. They got Washington and USC playing at 10:00 a.m. on Friday (8 PT time). If Washington has no shot of making it to semi's who is going to watch?