The problem is that there aren't 64 competitive teams. Viewers want to see competitive and well played basketball. While there are many fine teams among the small conferences, the lack of size and athleticism makes it impossible for them to compete with a top 25 team unless that team plays a stinker, and nobody likes to watch incompetence.
The tournament field should be reduced, but the politics of the NCAA makes that extremely difficult to accomplish. The only solution I can see is to split D1 into D1 and D1a. I'm not sure what the criteria should be but budget size could be one requirement of being a D1a team. Of course the biggest obstacle is the conference structure. Even the P-5 conferences have teams that wouldn't belong in the top division. There is a solution which would be to treat wcbb like men's hockey and remove it from the conferences. Schools could then create new, fewer, more competitive conferences, and vastly more watchable competition. Imagine a conference containing the top 5 teams from the P12 and B12 conferences. Or consider creating 2 conferences out of the elite teams in the SEC, ACC, B1G and a few top mid-majors like JMU & Dayton? UConn might have to start scheduling more games at the XL to handle the crowds.
Then I woke up.