That'd be a great idea. Otherwise, I don't know how you could make it any better. The conference tourneys and nat'l tournament is probably the best in the biz. Aside from harsher penalties and more policing of recruiting violations, but that's major college sports overall, what else could you do?
One of Bilas ideas I didn't highlight is making the officials full-time salaried instead of being independent contractors. The only real incentive he was saying for the officials right now besides the obvious (you don't want to get fired) is the ability to work the tourney.
I agree with you March Madness is the best in North American sports. I think it's a double edged sword though, makes the regular season less relevant IMO for some teams and puts a lot more weight in March. In terms of getting the casual fan interested you can't argue with this model IMO.