Would be interesting to see a World Cup-style selection process used. Take previous NCAA tournament performance (say last 5 years or last 10 years), calculate each conference's RPI based on tournament performances (just like the regular season's RPI is calculated: part your record in the tournament, two parts opponents' records, part opponents' opponents' record (or maybe eliminate this tier because there is a much more limited number of teams in the dance)), weight more recent seasons greater, and then assign a number of bids to the next NCAA tournament based on strength of performance, with minimum one per conference. That's the number of teams that qualify for the NCAA tournament from each conference, and the conference decides how it is determined who fills those slots: conference tournament champion, conference tournament runner-up, regular season standings, etc. (would be interesting to see how conference scheduling would be altered). Then use the highest "partial bids" (or leftovers) to determine "play-in" game teams. Leads to a lot less conjecture and less fluidity of evaluation criteria.
Like others have said, "quad 1" became something I had never heard of to an every-day phrase this year, and it's doubling down on something already in the RPI. If they're going to do that, just go full BCS and add a "quality wins" bonus to the RPI calculation and don't bother with the selection committee.