Honestly, all they'd need to do (and what they should have done from the beginning) is make every player 100% random and it's fine. I'd even be ok with limited create-a-player slots and roster editing/sharing if it brought back the franchise.
The major problem is getting every single NCAA Division 1 program to join in to make it an actual, full fledged college game. It's not college hoops with just the power programs and if someone like Duke, UCLA or Kansas doesn't join in then your game is pretty much dead before it even starts.