But there is a basic flaw in the "status quo" argument.
Our goal is to still award 20 points in total
You are not, in fact, awarding 20 points in total, you are awarding 20 points to the winning team. In a 12 team league, the loser in the finals has still received 10 points and the first-round losers have received 5 points. So you are awarding 20+10+5+5 = 40 points in total.
These points are available to 12 teams. In a 24 team league, to make the same points per team available, 80 points would have to be awarded in total. And only one team in 24 can win as many as 20 points, rather than one team in 12.
There is no good way to reconcile the two issues. If the points awarded for winning a wild card are reduced, then either other awards are increased (and someone could win more than 20 points by winning a division and the ring), or the total points for the league are further reduced below what would be awarded for two 12-team leagues.
In the current structure, I don't see much difference between distributing 75 bonus points among the top 1/3 of the teams in one 24-team league and distributing 80 among the top 1/3 of the teams in two 12 team leagues.