I think the 3rd place team should get a bye to the final - leaving the 4th to play 5th for the right to play them.
Edit: so, not that different from your idea.
What screwed us last season was being far better than the chasing pack, and being good enough to be fighting for a top 2 place until the last seconds of the last game. We then hit the playoffs unprepared physically, mentally and with key players missing, whereas Wednesday had the complete...