I thought this article on Yahoo was interesting:

http://sports.yahoo.com/m/c8f90945-0dd0-3e87-9150-610677090ce4/ss_the-myth-of.html?nhp=1

The argument is that data on inter-divisional play since the current divisions were established, plus teams' entire records in even earlier seasons, shows that there is an indeed an imbalance at the top, but that top-to-bottom the divisions are more or less equal.

It also argues that it would be almost impossible to create absolute balance in two divisions, however the schools might be divided up, because whichever division includes Ohio State will pretty much always be superior.

(I hope I didn't duplicate an article or post here; I tried checking through Forum, Bucknuts, Skull Sessions and other articles)..