Scrap ESPN's 'Big Ten-ACC Challenge' and the model as soon as the conference can say its current contract is fulfilled. I must confess that I don't know when the current term extends to (The 2005 renewal was for 6 years)
In it's place, build a 'Blue Blood Pre-Season Tournament' based upon the Crossroads Classic model between Indiana, Kentucky, North Carolina, and Kansas.
The "Crossroads Classic" Indiana,Purdue,Butler,Notre Dame
The "Commonwealth Classic" Kentucky,Louisville,Western Kentucky,Murray State
The "Tidewater Classic" North Carolina,Duke,N.C.State, Wake Forest
The "Tornado Classic" Kansas,Kansas State,Wichita State (and maybe invite one of their D2s)
[Edit: The state of Kansas only has 3 Division I institutions, so getting Kansas onboard with the idea would be problematic.
Convincing North Carolina and Duke to participate in a tournament that would almost definitely have them face one another in a non-conference game might also be problematic.
If something couldn't be worked out with Kansas, the state of California has a historic giant of the game and a deep pool of DI institutions to fill a 4 team bracket]
Let each State group determine their venues,seeds, and 'Classic Champion.' Each state carries out with their intrastate tournament and the winners from each square off in a pre-season Final Four.
Alternative names for Kentucky's bracket would be
- "Family Wreath Classic"
- "Meth mouth Classic"
- "Point Shavers Classic"
- "It Ain't Illegal; She's my Second Cousin Classic"