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I think you're on point that SOME girls wouldn't be interested because of the loss of the extreme level of exclusivity the system now holds. But based on the success of Greek systems around the country of all different sizes and stripes, it would still be wildly successful in anyone's estimation. Would it leave out the huge byotch who is only in it because it proves she's better than everyone else? Maybe. Loss to anyone? Absolutely not. Instead of 1600 girls rushing, maybe 1575 would. Let's even say 1500 would. But then what about the girls who won't rush now because this system is lunacy? Then we go right back to 1600 and my guess is it would jump to 1700.
While we can only speculate what would happen in real life if IU got its act together, I think its demise might be overstated. (not by you, 33girl. I know you're not saying a change in rules would destroy their currently fabulous system.)
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"Traveling - It leaves you speechless, then turns you into a storyteller. ~ Ibn Battuta
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