187 & 201 are the more common "Crimson" pantones. 505, 209 and 7421 are usually the "Maroons". 202 and 195 usually float in the "Maroon-Burgundy-Cardinal" catergories. 194, too, but it's closer to a crimson.
If you do that for every conference, then you still only have 10-12 power conference schools out of 64. Still going to have low ratings and interest. It's a reality. A tournament dominated, participantwise, by low- and mid-major schools is not going to garner the amount of interest that's going to keep it on par with the tournament as we know it.
That would be the lowest rated tournament ever. You have only 5 or 6 "power conference" teams, a few mid-majors and the rest smaller conference schools. You automatically lose more than half your viewership just by cutting the number from 68. Then taking out all but 6 bigger conference schools. CBS couldn't get out of this deal fast enough.
Michigan's "Plum" is pantone 505, a very common shade of maroon used by many colleges. You'd think, given how many schools use maroon in general, Under Armour would be able to create some maroon uniform that would be available for general usage.