Here's how I would do it:

Big Ten Conference

Southeastern Conference

Big 24 Conference


AAC: Arkansas State, Louisiana Tech, North Texas, Rice, Southern Miss, SMU, Texas State, Tulane, Tulsa, UTSA, Wichita State (non-FB)
CUSA: Appalachian State, Charlotte, FAU, FIU, Georgia Southern, James Madison, Marshall, Middle Tennessee, Old Dominion, Western Kentucky, UAB
MAC: Akron, Ball State, Bowling Green, Buffalo, Central Michigan, Eastern Michigan, Kent State, Miami-OH, Northern Illinois, Ohio, Toledo, Western Michigan
MWC: Air Force, Fresno State, Hawaii (FB-only), Nevada, New Mexico, San Jose State, UNLV, Utah State, UTEP, Wyoming
SBC: Chattanooga, Coastal Carolina, Eastern Kentucky, Georgia State, Little Rock (non-FB), ULL, ULM, South Alabama, Troy, UTA (non-FB)
IND: Army, BYU, Boise State, East Carolina, Liberty, Massachusetts, Navy, New Mexico State, Notre Dame (Big East takes them back)



Why: I think Notre Dame would, ironically, be able to have a full independent schedule with the diminution of major conferences, as teams in the first three would still want to schedule them (e.g. Purdue, Michigan State, USC, etc..). ND would have games against BYU, Army and Navy to fill out their schedule. A Notre Dame schedule under this scenario would have the likes of Texas, Michigan State, Navy, USC, one of Pitt, Miami, Boston College, LSU or Stanford, plus any of BYU or Army. Then another season they'd have Michigan, Florida State, UNC, Syracuse, TCU and either Purdue or Michigan State, plus Navy and USC. They could create their own bowl for whoever is left out of the "Big Three" in-conference playoffs. I think this would entice the likes of BYU, Boise State and East Carolina to do their own bowl deals.

As for the "Big Three" you have four divisions of six teams, 8-game regular season, one exhibition game against a body bag before the season. Division winners automatically go to playoffs, with the best four from the other conferences or independents filling up the remaining spots.