How to Make Conference Tournaments More Meaningful

First of all, what is more prestigious? Winning the regular season or winning the conference tournament? 

The tournament is kind of a farce, because for the most part, everyone has a chance to win. Even Detroit Mercy and Mississippi Valley. 

Number 1 sends who lose in the tourney should be somewhat punished. Arizona, Purdue, Houston, for example. UCONN will be the overall #1 Seed, and if The Tar Heela win, they should be the overall number 2 seed.

What do y'all think? How can the conference tournaments become more meaningful. I know they are meaningful for the mid majors. But in the mid majors, the regular season really means nothing.