first of all, the original premise is wrong. To win a 32-team tournament, you have to win 5 games (not 4). Minor point.
secondly, with virtually every team being in a conference tournament at the end of the season, every team has a chance to go to the Dance. All you have to do is win the conf tournament. That's how Liberty got in. Penn State had an equal chance to go, all they had to do is win the Big Ten tourney.
It's just like high school, every team plays post-season. Theoretically an 0-20 high school team could get hot and keep advancing. All you have to do is win.