One ADC per input, and directly reading the TC, with just some ESD Protection and RF filtering might be an interesting option. What type of ADC do you have in mind ?
However one still has to somehow combine the signals together - I2C can have difficulties with many of the same devices on a single bus. SPI wll need quite some IO lines.
Using a MUX for all 20 Channels might need really low noise amplification, but might still be an option: a low noise amplifier (e.g. OPA140 / LT1037) could be in the 5 nV/sqrt(Hz) range, so at a 25 Hz Bandwidth might in theory go down to about 25 nV RMS Noise. With including a zero (or reversed) measurement, one will not need to use an AZ amplifier and can still avoid 1/f noise. It is not simultaneous sampling, but could be twice per second (ADC using 1 PLC), so that not that much interpolation is needed.
Cheap sigma delta ADCs I found (e.g. MCP3421) are more like a 0.5-2 µV RMS noise with direct reading.