Wazzu and Oregon St are just bad examples. If it were 40 schools in that situation, they survive. Neither the Big 12 nor ACC were in a position to offer them a seat on the life boat. Both actually probably would have, but ESPN didn't want it.
I guess I look at it that relegation has already happened. At some point, I believe rules will be put in place regarding player compensation, but those rules will favor the B1G and SEC. Teams in the Big 12 and ACC that don't have a wealthy sports fan on their side and are getting 50% of the media rights compared to the big boys will struggle to come up with what they need year after year.
The bottom line is if given the choice between scraping together every penny possible in order to maybe compete for a chance at making a playoff at the highest level every decade or competing in a league where everyone can spend a certain reasonable amount and must follow certain rules, I would take the latter. In my opinion, winning that 60ish team league would be more satisfying and impressive than getting Phil Knight to cut checks and try to bring in a new all star team every year. If Iowa State had a fan with more money than sense, I might feel differently. But we don't and I don't.