That would give the P-5 11 teams pretty much every year but of those 5 Conference Champs from the G-5 you are going to have a BSU or a Central Florida that is going to be a solid team. So in reality, the top 3 seeds would have it easy, much the way the NCAA tourney works...but maybe, just maybe, every once in a while one of those bottom three seeds will shock the world. Could a MAC team beat a top 3 seed? 99 times out of 10, no. But that one time...
And in the process every player on every D-1 team would feel like they start the season with at least a Lloyd Christmas chance to be in the bigger dance. That means something.