Issues that may be causing your players to feel rushed towards the end are the shorter blind times (nothing really wrong with that) combined with some pretty hefty blind increases (averaging around 48% over the last few levels played). When down to three- or four-handed, that's a pretty big chunk of the average stack.
There are many ways to alleviate such conditions, but I'd try a three-pronged approach:
1. increase the starting stack size
This always has a positive mental effect on the players -- even when maintaining the same number of starting big blinds by manipulating the size of the starting blinds.
2. increase the structure's aggression level in the early levels
This promotes re-buys, and gets the structure moving along
so that you can slow it down later while maintaining same desired overall length.
3. significantly reduce the structure's aggression level in the late stages of the event
Even with shortened blind times, this will help soften the effect of the ever-increasing blinds -- allowing additional play in the later levels, and creating less of a rushed environment.
In your specific case, I recommend the following:
- double the starting stacks (to 20K), while increasing the starting blinds to 50/100 (maintaining the same 200bb starting stacks).
- make the blinds level increases more aggressive during the re-buy period (50-67%, averaging 55% over the first six levels).
- soften the blinds out after the first break, allowing players to settle into a more relaxed pace (33% average increases during L7-L12).
- reduce the blind level times for the duration of the event, but decrease the aggression level even further (20% average increases over the last six levels or so).
- change the blind level times to 15 minutes (L1-L6), 13 minutes (L7-L12), and 11 minutes (L13-end). This will compensate for the relaxed nature of the last two-thirds of the event, allowing it to still finish within your desired 4-4.5 hour time frame. It is highly unlikely to ever go past L19.
I'd also seriously consider either dropping the add-on, or at most, making it only a half-stack for half-price option (10K for half of the original entry cost). Too many chips in play with the relaxed levels from L7 on could risk making the event run long.
Using the above line of thought, try this one on for size -- I think it will meet or exceed the expectations of you and your players:
View attachment 105718
In particular, look below at how the last several levels (L12+) are a much smoother transition compared to the original structure (blind values doubled for comparison purposes). Even though the BB values are 50% greater at L6 and L7, the increased play opportunity towards the end of the tournament is worth the trade-off -- especially when re-buys are in place (somewhat minimizing the aggressive effects of the early levels).
View attachment 105731
Put another way, if your current structure is ending between L14 and L16 (8000 and 18000 BB), they are getting 36 minutes of play at those levels. The new structure allows for roughly 66 minutes of play at those blind level amounts (L14-L19), without significantly increasing the length of the tournament.