How is a "hot" team not better than the subjective "best team in the country" when the former beats the latter on the court? You think the media and coaches are more qualified to determine who the best team may be than the players themselves on the court? That's the joke.
You know what? You're right... forget the tournament. We should just have Kansas play Kentucky for the national champsionship. I mean that's who "everybody" thinks are the two best teams - never mind they failed to prove it.
There's no guarantee that more teams will equal more money. If the NCAA is thinking that, they are seriously underestimating the "office pool" factor on viewership. With an unbalanced bracket, the public is far less likely to get involved in such pools. Thus, you eliminate a significant rooting interest for the audience. No rooting interest = not watching.
I know that to be true for most women I know, including my mother and wife who watched a lot of the tournament this year. You take the bracket out of it, they could care less.
It's really a matter of understanding the success of your product. If they expand to 96 teams, they demonstrate a serious lack of understanding.