I agree with what you are saying but as a whole college basketball isn’t liked that much anymore.
Obviously it isn't as big as college football. No one thinks it is.
However, you can see games all over broadcast TV right now, every night of the week. I am a Dish Network subscriber and see games on ESPN, ESPN2, ESPNU, SEC, FoxSports, CBS Sports, Big10 Network and a few others every single night. So, obviously there is an interest.
Attendance at games is down simply because of what I just wrote. You don't have to pay for tickets, food, gas and wait in line to go to the restroom when you can see all the games on TV or just record them to watch later.
Colleges are pricing themselves out of the market with ever-increasing ticket prices. I'm 51 and never thought I'd see the day we wouldn't sell out every home UK game. But, high ticket prices combined with bad scheduling has made staying home to watch the game on HDTV a LOT more appealing.
ESPN/SEC Network are paying quite a lot of money to show games and CBS wrote a pretty sizeable check to secure the NCAA tourney. So, obviously there is interest and a market for selling ads. You make it sound like college basketball is dead and buried. It isn't anywhere close to that point.
There are some things that need to be addressed...fewer timeouts, better/more consistent officiating, more high level games in pre-conference season, etc.
But, at least we aren't in the 4 Corners Era when college basketball was REALLY bad!