A lot more people would care about the NIT if the NCAA tournament was just the Final 4. Conference tournaments are a better comparison, and those are wildly popular. EDIT: Or better yet, Bowl games. Bowl games that people care about are 50-100 year old institutions. With the exception of maybe the Rose Bowl, bowl games are watched for the teams involved, not because it's time for the Outback Bowl or whatever. Because for the past 50-100 years the best teams have played in those games. If, for the past 50 years they had a playoff series to determine the national champion and then all of a sudden decided to only allow 2 teams to play in that tournament and then everybody else can play in a make-up tournament, nobody would care.