Imagine how nice it would be if we could have delayed the additions of Maryland and Rutgers. Maybe got Oklahoma, Kansas, and Texas... possibly Notre Dame. How I'd have it:
Ohio State, Michigan, MSU, Penn State, Purdue, Indiana, Notre Dame, Northwestern
Nebraska, Oklahoma, Texas, Kansas, Iowa, Illinois, Minnesota, Wisconsin
Notre Dame would be a home run and make the east division an absolute monster in football. There would never be a bad week in conference play.
Kansas would be huge for basketball
As for the Big12 leftovers Oklahoma State, Texas Tech, Baylor, TCU, West Virginia, Kansas State and Iowa State could all find new homes between the other P5. Just looking at those two divisions above I would say we would have one of the most tradition filled and dominant conferences in all sports.
Florida, Georgia, Tennessee, South Carolina, Kentucky, Vanderbilt, Alabama, Auburn
Ole Miss, Miss State, Arkansas, LSU, Texas A&M, Missouri, Oklahoma State, TCU
Florida State, Clemson, NC State, Wake Forest, North Carolina, Virginia, Duke, Georgia Tech
Virginia Tech, Miami, Louisville, Boston College, Syracuse, Pittsburgh, Maryland, West Virginia
USC, UCLA, California, Stanford, Oregon, Oregon State, Washington, Washington State
Arizona State, Arizona, Colorado, Utah, Texas Tech, Baylor, Kansas State, BYU
I would relegate Rutgers into the American conference. Iowa State to the mountain west. There you have 4 power conferences with only a few teams getting screwed. All conferences have 16 members, make 9 conference games required for each team. Rivalries out of conference can still be maintained. Notre Dame- usc/navy and a bunch of traditional rivalries can be brought back like OU-Nebraska, Virginia Tech-West Virginia, Notre Dame-mich/msu/purdue. I would think that bringing back rivalries to open the season out of conference would truly make the first 3 weeks of the season more fun. Penn State-Pitt, Texas-Texas A&M, Georgia-GT, FSU-Florida and so on could all be preserved.