I like the idea of 8 (not 12). And, in that, the P5 conference champions are automatic qualifiers. That takes 5 of the 8 spots right there. From there, perhaps the 3 highest-ranked non-conference champion teams (from either P5 or G5) could get in based on the selection committees rankings. Meaning, even if Cincy didn't wind up at #4 this year, they would still get in at #5 or #6. But, this would also allow that ACC ****$how - with a #17 and #18 ranked Pitt and Wake conference champ - in, even though neither of them are anywhere near the top 8 or 12 in the country. But, hey - we see how auto-qualifiers work in the basketball tournament.
Also - to the comment above about how the basketball tournament is mostly a snooze because, by and large, most of the teams who wind up winning are in the top #4 (or 8) anyway, do remember that other than the conference tournaments, basketball doesn't have bowl games. So, making the tournament IS their post-season and it's a very big deal for teams to make it. Unlike football where, if you go .500, you get to play a relatively meaningless game against some middling ACC or MAC team.