The only issue with a true tournament in Des Moines with 'The Big 4' is that the new rules of the NCAA prohibit two teams from the same conference playing in a tournament that is "NCAA sanctioned"...formerly named the 'exempt tournament'. Also, teams can no longer go to the same event more than once every 4 years. So, this "tournament" could only occur once every 4 years (unless it wasn't an NCAA sanctioned tournament).
Another thing, if the MVC is having trouble scheduling teams to play against, why would UNI and Drake want to throw away their only guaranteed BCS games each year, along with their only 'tournament exemption game'. What I mean is, this year UNI plays Iowa and
ISU. They also play Washington in a tournament. A D1 team can only play one tournament a year. Why would UNI risk only playing 1-2 BCS teams a year, instead of getting all three like they can do now?
If it wasn't an 'NCAA sanctioned' tournament, then it would just be two games, where one night
ISU would play Drake and Iowa would play UNI, and repeated the following night with Iowa playing Drake and
ISU playing UNI. This would be the only format, as UNI and Drake will not agree to playing each other a third time in one season, which could happen if DU/UNI each ended up in the same bracket side after the opening round games.