I think the MAC Tournament is one of the best run events in all of college basketball.
I do like having the whole league participate with the lower seeds having play-in games on college campuses. Too often an 8th seed with a .500 record gets hot and healthy at the very end of the year. The current format gives them the same road as the teams carrying the weight of being the target all season long. Not fair.
And because the MAC is usually a 1 bid league, I do favor giving the top seeds a bye. I agree that sometimes a bye will backfire because the opponent has the advantage of getting acclimated to the large arena. But more importantly, having to win 3 games in 3 days is just not ideal for anyone. You end up with the most resilient team, but not necessarily the best team. It would be nice if the MAC was given an at-large bid more often, when warranted.