This is a good thing for everybody.
The power 5 can split off and do their own thing. The playoffs will expand. Traditional Bowls will continue and they'll get to a point where everybody gets a 'postseason game' of some sort. This tier will maintain the current 85 scholarship limit.
The next FBS tier will merge with the upper tier FCS (your UNIs, Montanas, and NDSUs of the world) and have a fairly significant number (20-25) of regional bowl games in mid size cities. TV will pay for it and football on TV draws no matter who is playing. This tier will end up giving somewhere around 70 scholarships.
The bottom half of FCS will merge with DII and continue with a regionalized on-campus playoff system. This tier will give 40-45 scholarships with partials allowed.
DIII will remain completely unchanged and they will allow the current FCS Non-Scholarship (Drake, Butler, etc) to reclassify to this level and keep DI basketball.
Basketball will remain unchanged because they get too much money for the tournament from CBS/Turner. Though, if you cut off the bottom half of DI and took the best 14 leagues only, you'd have the greatest sporting event on the planet. Imagine if the 16 seeds were at a MAC or WCC level instead of a MEAC or SWAC level. Every game would be competitive.
The leagues involved should be- Big 12, Big 10, ACC, SEC, PAC12, AAC, MWC, Big East A10, WCC, MVC, MAC, CUSA, and Horizon.