One other thing using an old Iowa experience and I swear I'll stop...
About 20-some years ago, when girls' basketball in Iowa was first divided into classes (Iowa has a seperate organization for girls' high school sports from boys'), they tried an "unified" State tournament. Four teams qualified for State in each of four classes. Tuesday through Thursday, they played off to decide each of the four class championships. On Friday and Saturday they had their "Grand State." It was a competitive and financial disaster.
The girls' state basketball tournament in Iowa had -- for 50 years at that point -- been the most successful State tournament of the winter sports, averaging 12,000 fans per game for six days. The Grand State experiment dropped attendence for the last two days in 1980 and 1981 to less than half that. After two years, the Iowa Girls High School Athletic Union realized that they'd blew it; they went back to the old way of doing things, everyone was happy and they again made money.
Just some food for thought...