The regular season would still matter and it removes the "eye test," politics, and most of the debates as to what teams are deserving.

I'll go a step further, make it a 10 team tournament, have the "bottom" four G5 champions have "play in" games to get to the 8 team playoff. Every team has a shot at winning the championship (though it would require Independent teams to be added to conferences) and there is no debate about what teams get invited.