If conference championship games remain, you're talking about the two finalists playing 19 games. I don't know if that's tenable. I would also think that there is really zero chance of a Cinderella making it to the sweet 16.
Not going to say it can't happen because money talks, but I can't imagine those first two rounds will be compelling viewing experiences.
That said, I could see a 32 team tourney where 9-16 get a first round bye and 1-8 get byes for first two rounds.