If we are all being honest, if you take budgets, recruiting territory and ability, media footprint, marketability, etc., there's really only 30 to 32 teams capable of playing in the upper division. They should only play each other every week and then have a 6 or 8 team playoff at the end. No more games against easy competition. No more unfair schedules that favor certain schools in certain conferences. Let a commissioner set the schedules.
Schools 33-85 or so can then play each other and have a 16 team playoff ( or something similar). Still some really entertaining programs in the new G5. A school that gets into the G5 playoffs and wins their championship with no more than 2 losses gets a spot in the power 5 national championship playoff. Let each "conference champ" + 2 or 3 at-large bids + G5 champ in the playoff.
Keep basketball and the other sports with more regional conferences
Here's a possible 32 team P5:
Alabama
Ohio State
Oklahoma
USC
Notre Dame
LSU
Florida
Florida State
Texas
Clemson
Auburn
Miami
Georgia
Michigan
Penn State
Oregon
Tennessee
UCLA
Texas A&M
Washington
Nebraska
Wisconsin
UNC
Virginia Tech
Iowa
Michigan State
Missouri
South Carolina
Ole Miss
Arkansas
Utah
Arizona State
If you want to keep a few other teams to create four conferences of eleven or twelve teams, here's another list:
Ohio State
Michigan
Penn State
Tennessee
Wisconsin
Michigan State
Missouri
West Virginia
Minnesota
Illinois
Notre Dame
Florida State
Clemson
UNC
Virginia Tech
Miami
Georgia Tech
Rutger s
Maryland
UVA
Alabama
LSU
Florida
Auburn
Georgia
Texas A&M
South Carolina
Ole Miss
NC State
Arkansas
Kentucky
Oklahoma
USC
Texas
Oregon
Washington
UCLA
Iowa
Oklahoma State
Utah
Nebraska
Arizona State
Texas Tech
Colorado
Iowa State
Arizona
BYU
Stanford OR TCU