Go,
With your plan, junk like St. Francis, or Sacred Heart, or Samford will be in the tournament often while the third place team in the MVFC sits home. I agree that the current system is hopelessly corrupt, but it can be salvaged if the NCAA just did two simple things.
First, remove all FCS athletic directors from the selection committee. Staff that committee with five retired football people, preferably from FBS schools with no connections whatsoever to any FCS program. And pay these five people well. That committee would select all at-large teams and seed all the participants.
Second, after games of the first week of November, the five-member committee would issue a power rating for all FCS teams with a record of .500 or above. Everybody would know exactly where they stood. According to the new by-laws, the committee would automatically choose at-large teams for the tournament by going right down that list of power rankings.
These two simple changes would remove ALL corruption and place the best 24 teams in the field (except for the weaklings who attain an automatic bid.)