I understand what you are saying, but respectfully disagree. First, I think any comparison to basketball is simply unworkable. The sheer cost to fund a program, and the sheer difference between income a BCS school gets and the #150 football school would get if it joined the FBS is staggering, much moreso than in basketball (where the arenas are much smaller, coaches make less, fewer players on scholarship, facilities cost less to build and maintain, there is much less revenue, there isn't the equivalent of a bowl payout, other sources of money such as TV contracts aren't as lucrative, etc.).
Second, the ratings are NOT that high for No. 1 seed v. No. 16. But that's beside the point. The reason the round of 64 is logistically feasible is because there is another game two days later. It's significantly easier in basketball than in football to play multiple games in multiple days - that's why the NBA plays 82 games while the NFL just plays 16. It's also why an NBA playoff round spans 4-7 games while the NFL just has single game rounds, even for its championship. Adding games in a basketball tournament is a simple result of booking the arena and hotel rooms for an extra couple of days. You see teams in conference tournaments play up to four games in four days. When was the last time you saw a football team do that? Or even two games in two days (i.e. round of 64 and round of 32).
The biggest obstacle to a large football tournament is LOGISTICS, especially combined with tradition. The regular season and conference championships end the first week in December and is immediately followed by exams. The first round of the playoff can't happen during exams, so you'd start the playoffs right before Xmas (the only way around it would be to make the conference championships inclusive of the first round and force other teams not in those championships to play each other round 1). The NFL plays Saturday games throughout January so their playoff games don't overlap. Unless you are in the South, NFL > NCAA.
That's why a 16 or 32 team playoff will likely never happen. The only chance for a 16 would be first round beginning of December. You could make it 6 conference championships (12 teams) + 4 at large (or change that up). Problem would be, like a few years ago, when the conference championship game is undefeated #1 v. #2. That can't be the first round of the playoffs.