Okay, so you will have a B1G anchored by Ohio State, Michigan, Penn State, and Notre Dame. You have a PAC with Oregon, USC, UCLA, Texas, and Oklahoma. You have the SEC with Florida, Alabama, Georgia, Auburn, LSU. And you have the ACC with Va Tech, Florida State, Clemson, and Miami.
Now, tell me, which of these contingency leftover conferences deserves a seat at the table with these conferences in college football? Who are our top 4 here? BYU, Boise, TCU, and KState? Seriously? The gap between this league and the big 4 would be much wider than the gap between the MWC and the BCS conferences today. Those top programs in the big conferences aren't going to want to give up a spot to us. And the bowls won't be excited about that league either (see the decision to put TCU and Boise up against each other this year). This is about money, and most of these schools just wouldn't make any. The gap between this league and the others would grow every year. It may or may not take a couple years, but we would get shutout of a BCS/playoff/whatever eventually.
Have you ever watched Selection Sunday?