From a competitive standpoint, this is a big yawner.
I'm intrigued though, whether there's another agenda here besides milking fans for some extra games. Pure speculation, but I wonder if there are elements in the conferences thinking of a trojan horse to take more direct control of the money in the big dance. Long time ago, didn't the NCAA and the NIT compete with invitations to post-season play?
Long, long ago, teams could, and did play in both. For a while the tournament champions played (if the same team did not win both). Until ~1970 teams chose which tournament to join. The NCAA ended the competition by saying that any team that declined their invitation was ineligible for any post season play. The NIT eventually sued. The NCAA settled the lawsuit by buying the rights to the NIT up to ~2015.
The NIT field today is roughly: the ~10 conference winners who did not make the NCAA tournament, the ~18 top power 6 teams that did not make the NCAAs, and ~4 other mid-majors. I like how the NIT gives the conference winners a second chance. I'm not a fan of the 2nd rate power 6 teams being included (you lost, deal with it), though they do win ~2/3rds of the time.
I see the proposed tournament as even less interesting than the NIT, which I almost never watch. It is the equivalent of the bowl games before ~Dec 30th. Participation trophies so that corporations can make money, while pulling the students out of class just before/during finals.