Food for thought this weekend...

I can't claim this idea as original to me, it was actually proposed by the announcers of the Coppin State vs. Mt. St. Mary's game, bu t I've thought about it quite a bit since then, and have expanded on it and what to get some input.
In my opinion, 1 seed vs. 16 seed games in the current system are boring to watch. I mean lets be honest, is there ever really going to be an upset? Secondly, the NIT is a joke, especially since its on at the same time as the NCAA games, so people further don't care about it, plus there is too much winning going on about how this team should have made it over that team etc (oh by the way, my proposal doesn't fix this problem either) So here's what I've been thinking...Since they tourney is already set up for a "play in" game why not have 4 "play on" games. Here's how it may work, and granted there are many different ways to work out the details, but here's a starter.
Conference Champs are in, just like before but maybe not as a 16 seed (again detail to be worked out later). There are now 4 play on games between teams like Ohio State, Virginia Tech etc and the winner of those games moves on to the tourney as ____ seed (another detail). I think this would shake things up, especially if the winner of these games becomes the 16 seed. Imagine what a better game NC vs. Ohio State would be than NC vs. Mt. St. Mary's! Even if these winners aren't 16 seeds, maybe 8 seeds or something...I think this way, the whole tournement is a tournement and teams actually have to work to win the title rather than a couple boring first round byes (cause thats pretty much what they are).
So here are my 2 questions: 1) Do you like this idea, or some other version of it, or should it be left the way it is? 2) Would/could this idea ever actually work?