Easy to say that too many teams make the playoffs, but I'm not so sure I agree. Sure, there are some teams who make it in by virtue of an easy region who don't stand a chance of competing, but then there are also those fourth-seed teams that step up and beat a neighboring first-seed team in the first round. There are the late-bloomers who suffer from early-season losses but pull it together to form competitive sides late in the season--too late to take the 1 or 2 spot in the region, but not too late to be competitive in the playoffs. I've always been a strong believer in "It's not how you start, it's how you finish." I say give 'em a chance to play--at the worst, it's a chance at revenue. If a team gets blown out in the first round because they weren't prepared, that's part of the game, but if the fourth-seed team you would otherwise have excluded can step up and compete at season's end, why take away that chance?
