My biggest complaint about the system (and not just because Iowa is in this position this year) is "Why is there a play-in game for the #11 and #12 seeds?" Shouldn't ALL play-in games be for #16 seeds? After all, shouldn't the bottom bubble teams have to play-in to earn the privilege of playing in the NCAA Tournament? If you are a #11 seed doesn't that mean you are one the 44th-48th (Five #11 seeds including the play-ins) best teams in the nation? If you are a #12 seed doesn't that mean you are one of the 49th-53rd best teams in the nation? That means there are 11 teams that are ranked lower than you that aren't in the play-in round.
In theory its because they want more bubble teams in and the lower seeds are for winners of crappy conferences. In my opinion it means that they don't want to take away conference winners chance to play in the actual tournament that starts Thursday.