Apparently the NCAA Cabinet knows this ain't cheap for the schools involved and that no one makes any money off this, so they're willing to look at cutting regionals. But they're also concerned about a lack of inclusiveness and want to study the current two-regional setup a bit more before abandoning it.
As to who will host them, that's anyone's guess. No one has bid yet (not surprising since there was some doubt as to whether they'd even happen) and it's not a particularly appealing process to go through. I'd go if Ohio State bids, but that's doubtful. They hosted 2008 USATF Junior Championships, and athletic bigwigs thought Jesse Owens Stadium would sell out. Coach Robert Gary told me that as a result they're not particularly enthused about bidding on big track meets right now.