Isn't this just re-arranging the deck chairs on the Titanic?
The main issue, in my view, is that we have 134 teams in FBS ... of which, about 12% are profitable. Moreover, we have the same 134 teams that are not homogeneous .... there are schools with 50,000 students and a half million alumni competing against schools with a few thousand students and very low alumni bases. It's the Dallas Cowboys vs. the Pottsville Maroons.
Rather than Band-Aid conference affiliations, it's time to organize all 134 teams into Tiers so that like schools play against like schools. It's basically FBS-A, FBS-AA, FBS-AAA, etc. For marketing purposes, make it CFB Premier League, CFB Championship, etc ... just like the English soccer leagues and include the system of promotion and relegation. That is, win more and move up, lose more and move down.
They are going to have to get to a system that is transparent and fair to all. As long as conferences try to maintain a winner take all attitude, college sports will continue to skew towards the most heavily resourced programs and all the others ... will whither away.