This would’ve been the way to go 40 years ago - back when there was strong parity among the 10 team SEC, Pac-10, Big 8, SWC, ACC, Big-10, and even then the outsider WAC had a BYU national championship, and that’s not even considering the strong independent teams including Miami, VT, Penn St, Notre Dame, BC, FSU, SCar, Pitt, WVU, etc etc.
Unfortunately we have gone way too far down the road of conference consolidation for a tournament of conference champs to be a realistic or IMO even a fair system. The (will never happen) answer is to break up the superconferences and return us to an age of conference sanity.