One thing to note about the Aussie Rules playoff system is the potential for more TV revenue than just a straight 8 team playoff, since there are a total of 9 games (whereas a straight 8 team playoff format would contain 7 games). This would, I think, appeal to the NCAA.
On the downside, there will be arguments over the 4-5 seed, since the 4 seed effectively gets a double chance while the 5 seed is one and done. But that is not a major drawback imo.
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