No one cares, but I'm bored, so here's my solution. The current power 5 schools plus Notre Dame and BYU all join into one Division. There would be a media rights and grant of right agreements that lock all schools into together and uniformly. The money would be huge.
Keep the 12 game schedule, go to a 8 team playoff, but all schools are independents. Each university must design it's own schedule. If you want an easy schedule, go for it, but just know that you'll have no chance to make the playoff. This would encourage tough schedules and regional ties.
If you have to have schools grouped into conferences/divisions, do it like this.
Pacific (8 schools)
Washington
Washington State
Oregon
Oregon State
Stanford
Cal
UCLA
USC
Plains (9 schools)
Utah
Colorado
Kansas
Kansas State
Oklahoma
Oklahoma State
Nebraska
Missouri
Iowa State
Southwest (8 schools)
Arizona
Arizona State
Texas Tech
Texas
Texas A&M
TCU
Baylor
Arkansas
Southeast (10 schools)
LSU
Alabama
Auburn
Mississippi
Mississippi State
Tennessee
Vandy
Florida
Georgia
Kentucky
Atlantic (10 Schools)
Florida State
Miami
Georgia Tech
South Carolina
Clemson
North Carolina
Duke
Wake Forest
NC State
Virginia
Northeast (9 schools)
Louisville
Penn State
Pitt
Syracuse
Boston College
West Virginia
Rutgers
Maryland
Virginia Tech
Midwest (10 Schools)
Minnesota
Iowa
Wisconsin
Illinois
Northwestern
Indiana
Purdue
Ohio State
Michigan
Michigan State
I like the divisions idea as opposed to conferences, but I think each group should have a certain amount of interplay within their division, as the wild west scheduling scenario sounds like a mess that would result in a serious lack of schedule balance across the breadth of college football.