This is what I see happening. Obviously it's all about money now, nobody really seems to care about anything else. So the largest schools will ultimately peel off and form their own league. Why wouldn't they, short term that's by far the easiest route to maximizing dollars for each school.......still huge TV contracts and far fewer mouths to feed. It'll kill the sport but that will be a slow decline over time, so the move will be celebrated by all the talking heads now. But I don't think anyone is starving for another minor league professional league and that is basically what it will be.
A decent comparison I think is NASCAR. It used to be mostly a southern sport, became pretty popular in other parts of the country in the 80's and 90's with good marketing, but still for the most part kept to its roots by racing the small town tracks twice a year, etc. Then they started chasing growth and money. Built all these boring behemoth, cookie cutter tracks in major metropolitan areas, took away races from the smaller venues like Bristol, Darlington, Rockingham, Dover, etc. Lost it's soul, and now ratings are a fraction of what they used to be and it's a fringe sport at best again. Tracks 30% full. The race comes through TMS here and I barely know it happened.
Some of things I see being proposed are really short-sighted in my opinion. But again, I'm old-fashioned. Maybe the new generation will love minor league professional football.