[fridaynightfights]

No way....
The member schools & the Board of Control will not allow a Class system for basketball.

Why not? Would create more revenue. Would it not?

Not necessarily, the sweet 16 is a huge draw at Rupp and many of the smaller class football games draw very sparse attendance in football. I believe the fear would be that you wouldn't draw as many people out for the smaller classes. You wouldn't be able to have the "sweet 16" of each class at Rupp so you'd have to limit it to like a Final 4 and title game for each class. Also a fear of driving away the average fan who doesn't have a team there that comes just to see the show if you dilute it by classes. 

Travel I believe is also a big concern, a lot of traditional rivalries would be lost or at least devalued if we went to a class system. I can think of several where I live that the allure of fighting for the district and region crown make the rivalries a big deal, losing that part of it could certainly lessen the meaning of those games.