This is actually a great idea IMO.
Imagine if the NHL playoff bracket turned into a March Madness Bracket:
1-16, 2-15, 3-14, 4-13, 5-13, etc.
Every team would have a chance to win the Stanley Cup. I just don't see why this is such a bad idea. The regular season would determine playoff positioning, and we can even adjust or shorten the season structure: (3 games a week)
(Sunday, Tuesday, Thursday) (Monday, Wednesday, & Friday) (Tuesday, Thursday, Saturday) (Wednesday, Friday, Sunday) (Thursday, Saturday, Monday) (Friday, Sunday, Tuesday) (Saturday, Monday, Wednesday)
Furthermore, a best of 3 or 5 series would be needed in order to fit all the games in. Then, the championship round would be a best of 7 series. On an extra note, we would need 32 teams (Seattle) in order for this to work.
Early Rounds: Best of 3
Middle to Later Rounds: Best of 5
Championship: Best of 7