As long as it rotates, I'm fine with it being played at one team's home arena. Play it some years in Memphis, some years in Dallas, Hartford, Philly, etc. That will increase attendance every year, but no team has a permanent advantage. Neutral-site tournaments generally get poorer attendance. The Garden was the exception, but this is not the old Big East and we won't be able to secure a venue with the same prestige as MSG, probably because there is no other basketball venue with the prestige of MSG. People wouldn't go to see a Cincinnati-SMU semifinal at the Garden like they would a Syracuse-UConn semifinal. Remember, next year us and Memphis are going to be the only two prominent programs in the conference. Which means each game except the final is going to involve at least one team that isn't us, and at least two of the quarterfinals will involve two teams that aren't us. No way they sell out the Garden, or any neutral site venue, for that.
I'd also rather play it in a sold-out smaller arena than a half-empty larger one. FedEx Forum seats about 18,000. We'll see how many people are actually in attendance. If it's half-empty, it might make more sense to move it to a smaller arena like Gampel, Moody or Fifth Third where you'll have a sellout, or at least close to one. Gampel seats about 10K, Moody 9K, and Fifth Third about 13K. I think there's a lot more energy in a sold-out smaller arena than in a half-empty larger one, even if there are the same number of fans in both. I'd rather they sell out the larger arena, but that may not be possible, especially next year when Louisville leaves.