I've been thinking a lot about that. At this point, it's still got to be a 2-round tournament. I would consider advancing more than 24 owners to round 2 though... probably 30, and maybe we'd go with 30-team leagues in round 2. I'd have to give this some more thought though.
If we end up with some number much greater than 96 but short of 120, I would consider trying different league sizes. For example, 112 owners would make seven 16-team leagues.