The biggest roadblock to this happening is that there is not an entity that can speak for all the blue blood programs and provide their content.
The conferences are in competition and probably won't band together.
The TV rights are all tied up with the conferences via grant of rights and networks with long term, very lucrative contracts (except the PAC12)
The NCAA is toothless and has zero power over the blue blood teams other than sanctions, but too many schools have sued them and won for them to use that power much.
Klatt mentioned that only the CFB playoff committee might be able to pull this off. However, they don't control the schools, conferences, or networks, so they can't really wield much power unless something drastic happens.
Conceivably, if the top 24 or 32 most monied programs all banded together, jointly leaving their conferences and forming a new organization around a broad football playoff system that might be what it takes. However, the resulting litigation from that would make billionaires out of a lot of lawyers.