SEC and Big 10 combine (for football only) and negotiate as one unit for a TV deal, spread out over multiple networks. They each form smaller, regional-based divisions where everyone plays each other, the winners of which get automatic playoff spots. There are of course wild cards for the best records among the non-division winners. Conference championships are eliminated. Playoffs are only among Big 10 and SEC schools. Who gives a fuck about the smaller shitty schools? They can go do their own thing. Basically, everything is structured like the NFL, NBA, MLB, etc, which is what we are heading toward anyway.
This is probably not what will happen, but what should happen given that there is no putting the toothpaste back in the tube with paying players and free agency. Multiple mega conferences make no sense in this setup, and only serve as negotiating vehicles for TV money. Why not just combine into one league and hold playoffs. The NCAA and shit schools can get fucked.