The problem with Match play from a TV perspective is that you could get a final between nobodies. The networks who plough loads of money into the tournament are understandably reluctant for this to happen. One potential solution is to have something like the Champions League in football (soccer):
Top 16 players are seeded. The next 32 in the world play off for the remaining 16 places in the mini league. 8 leagues of 4, the top player in each league goes through to the quarter finals. Straight knock-out from there.
It's not perfect but at least the networks are guaranteed 3 games for Tiger, Ernie, etc. Plus, in a league, you would expect the best players to come out on top and go through to the quarter finals. There's no guarantee though (see Porto and Liverpool's wins in the Champions League in 2004 and 2005).