How is that incorrect? It looks right to me. As you said, the only difference is you only play 1 game to get to the semi-final. Previously you played 2, but only the game against the winner of the the #2/#3 teams in your pool mattered. Now you simply don't play the other game against the loser of the #2/#3 game. It's the same as before except with the "meaningless" games stripped out in favor of all 16 teams making it in. TBH, I prefer the old way, as it gave bubble teams a chance to make a statement without having to worry about playing a weak 13-16 team, which will probably hurt your RPI simply for playing the game.
Details:
Before 5 v 9, 6 v 10, 7 v 11, and 8 v 12. Then 1 had to beat winner of 8/12 game, 2 had to beat winner of 7/11 game, etc. Then a 4 team single elimination tourney.
Now: 9 v 16, 10 v 15, 11 v 14, 12 v 13. Now you're where you started previously. 5 v 12/13, 6 v 11/14, 7 v 10/15, and 8 v 9/10. Next 1 has to beat the winning team from its pool (8/9/10), similarly for 2, 3, and 4. Then a 4 team single elimination tourney.