Its funny because I don't think there are very many people that would actually argue that reducing the number of games would be a bad thing from a product perspective. Each game means more, less strain on the player's bodies so they can play harder and be injured less, less need to rest players with a greater potential detriment to doing so. Cutting the games to somewhere in the 60s would be hugely beneficial to players fans and product.
The thing that would keep it from happening would be the money. They'd need to figure out a way that they could suck the same amount of money out of the fans while providing less product. The problem isn't even like ticket sales, I'd imagine most fans would be OK with a 20% hike in prices if it meant they were seeing a better product and had a better chance of actually seeing LeBron or whoever the one time per year they come to town. Its more how the TV deals and player salaries would work with fewer games. I doubt the owners, media, and players would ever be able to negotiate an agreement that would allow a significant reduction in games played.