A lot of people won't like this, but you've got to look at it from the NCAA's perspective: They've got one sport (NCAA football) with undoubtedly the worst post season in sports, and another sport (NCAA basketball) with undoubtedly the best post season in sports. If the ruling parties behind the NCAA want to keep up some illusion of impartiality, their only choice was to downgrade the awesomeness of college basketball's post season by making the conference tournaments completely worthless and the NCAA tournament considerably worse.
Will the new basketball tournament be anywhere near as horrific as the BCS? No, of course not, but it'll be closer to being that horrific, and that's what's important.
Smart move, NCAA. Keep up the good work.