I despise single elimination with all of my being.
The first 2 days of the NCAA tournament are great, my favorite two days of the year in fact. But then it really falls off until at least the elite 8. And if too many of the good teams get knocked out, the final four winds up being a snoozefest. And that's what I really care about at the end of the day. I want to see the best teams playing each other, that's the whole point of having a playoff in the first place.
I view sports as performance art. I want to see the best perform. I already know who the best are, I just don't get the opportunity to see them play each other all that often. This is especially true in the NFL, where all of the teams don't play each other every year.
The matchup I most want to see is Manning/Brady vs. Rodgers. If someone else winds up in the Super Bowl, I'll be a little disappointed, because that's the game I really want to see. 2 all-time great quarterbacks facing each other with the championship on the line. If I had my way, that's what I'd be watching in the Super Bowl every year.
If the plucky underdog isn't my team, then I want that plucky underdog squashed.