Yes, but won't this be dictated by the media companies?Maybe. It depends on how many teams break away. If it is the entire SEC and B1G, and they have like 48 schools, and then a rump of 20 schools are left in "division 2" then yes that is very bad.
But if it is just the blue blood brands that break away, maybe 24-32 schools, then the "division 2" would have 40ish schools, and the whole thing would look/feel more like "nfl-lite" vs "college football". And that would be OK.
Don't hang yourself in the closet just yet.
I think your first scenario is likely. The B1G has (obviously) shown an appetite to expand to wherever and the SEC won't permit itself to become a lesser league than the B1G. And the SEC is fiercely loyal, they chant S-E_C like a bunch of redneck goons...I presume the ACC raid is coming and will be catastrophic.
I have to respectfully disagree that your second scenario is okay. One man's opinion but what's kept me an ISU fan has been the chance (however unlikely) that ISU could compete at the highest level for the biggest Bowls. I think any sort of D2 relegation would cause a massive hit to fan interest. If we never even had the possibility of beating Oregon (or whoever else) in the Fiesta (or other top tier Bowl) I think fans will leave in droves.
I will say this...I never, ever, expected USC and UCLA to leave the Pac. That sets a precedent for Michigan & tOSU to leave the B1G for a super-league or Alabama & Georgia to leave the SEC for that same league, which would also make my head spin.