The Basketball Tournament (TBT) has done an admirable job of creating a fun basketball tournament during mid-summer. The Elam ending ensures a game winning basket for every game. Boeheim's Army was fortunate enough to have six game winning baskets last summer on the way to its first TBT championship.
I am not, however, a fan of taking the Elam ending for college basketball. It is a great gimmick for TBT, but forcing a game winning shot for every game waters down the "game winning shot". With an Elam ending you have no half court shot buzzer beaters; the Pearl shot never occurs, nor does the Ennis heroics over Pitt. With an Elam ending, dramatic overtime victories do not happen. No memorable six game overtime victory over UConn.
The Elam ending is not the concept I want to steal from TBT. I do want college basketball to take the concept of a team in the bonus getting one free throw and possession of the ball when fouled in a non-shooting act. This greatly discourages an opposing team from fouling in order to stop the clock and get possession back. They would have to play good defense, and hope they can stop the opposing team cleanly. They could foul on a shot attempt, but that gives the opposing team two free throws, and of course you always risk a team making the shot attempt and getting the plus one.
I would also add an addendum to the rule, and allow a team the option of one free throw and possession, OR two free throws and give up possession. I assume the latter option would seldom be chosen, but it would eliminate the scenario of a team deliberating fouling a non-shooter with seconds left on the clock, to prevent a team from getting a shot off in a two point game.
Teams would have a difficult time deliberately fouling themselves back into the game. This would keep the pace of the ending of a game flowing freely, and I think greatly reduce the long drag a foul fest can have.