How about have BO5 played over multiple days?
NFL does BO1 in one day, while MLB/NBA/NHL does BO7 with each game spread out. When it comes to Olympics though it is always B01.
The problem of having BO5 played in one day is tilting, as explained in DL/Piglet's promo video. In a high pressure situation, the team winning game 1 is relieved from some of the pressure. Since we tend perform optimally in medium pressure situations, the winner has a better chance to perform better in 2nd game, and if win again, the 3rd game and so forth. It is kind of a snowball effect, mentally speaking.
The other case for a multiple day playoff series, is that it benefits the(some?) spectators. First having upwards to 5 games played in one day, is too much for some people like myself. The average NFL and NBA games have a lot of breaks and is much shorter. Another reason is that it gives teams more time to pull off difficult strategies. In CLG vs TL's game 1, CLG's TF 1/3/1 tri-push strategy was clever against a team with poor communication. With time off and a clear head, it can give teams time to prepare for cool strategies that is hard to pull off.