The biggest problem is money. The time for the tournament has passed. Other forces out there still want to make theirs. If the tourney is possible, so is NFL, NBA, MLB, NHL, not to mention the other leagues with TV contracts, salaries, stadiums, vendors, etc. Budweiser doesn't care who shows their ads, as long as they are shown. CBS doesn't care what games are shown, as long as America watches. As much as I love the tourney, I know the pro leagues draw more viewers. And not to mention college football, which has a lot more eyes on screens, butts in seats and sales in stadiums than hoops. Money talks, and those other leagues won't stand for the tourney taking money away from them. And the networks will follow them.
Throw in the part about seniors graduating, guys getting agents (and getting drafted) and freshmen coming in (how many scholarships will be available?), and it's not even feasible.
9F
I will never talk about That Game. GTHC.