Your post implies that the "old regional conferences" are better for fans. They weren't. The old regional conferences had us playing Baylor, TCU, Houston and Tech. The new arrangement has us playing Florida, Georgia, Alabama, Auburn, and Arkansas. These are much better competition, better games to watch, and will force Texas to raise their bar. Texas does best when it is challenged, and worst when we rest on our laurels and play Baylor. And all of those are benefits even before we consider the extra money that comes along with going to the SEC.
The end game in the medium term is the Power 2 conferences of Big10 and SEC take more and more playoff spots and squeeze out the ACC, Big12, and G5 down to 1 spot each. That will happen either formally via guaranteed spots, or informally via the committee recognizing the strength of schedule of the P2.
The end-end game in the long term is that the Big10 and SEC probably either merge or create a formal partnership of equals where they build "new" conferences that allow them to drop out the Vandy's and Purdue's, pick up the FSU and Clemsons and consolidate down to a true Power conference of 40ish teams. The playoff will already be at 16 teams by then, and they'll reserve 1-2 spots for the rest of the non Power teams to disarm the anti-trust stuff, but it will essentially be a Power conference playoff at that point. The players will be employees of the universities, and taking a cut of the TV revenues and governed by some type of CBA. The Power conference will set their own rules for paying players beyond that, for recruiting, officiating, everything to replace the NCAA governance. There will be a commissioner of the Power conference who is less powerful than the NFL commissioner but more powerful than the current conference commissioners. They'll try to adopt some type of "salary cap," but that will be resisted by Texas, Georgia, and the big players, but the smaller ones will push for it to create "balance." There will probably be some compromise on that somewhere along the way - but the cat is out of the bag and we're not going back to under-the-table money.