For many, that's already happened. The PAC is gone, The Big12 is a shell of what it once was, the ACC is probably next to be gutted.
Meanwhile, the B1G is bloated coast to coast and the SEC has a weird division of former Big8/SWC schools in Mizzou, OU, Texas and A&M to go with Arkansas now. But at least they are still somewhat all southern geographically.
The passion and pageantry of CFB was derived largely from historic school vs school rivalry. A lot of the old rivalries died or only occasionally show up as OOC matchups now. Major out of conference matchups are often played at a neutral NFL site, which cannot hope to match the gameday atmosphere on campus. Bowl affiliations mean nothing. Geography means nothing and soon enough Conferences will mean nothing either. The only thing driving any of this is money.
You say you don't want NFL-lite, but that is basically what CFB has become. Soon enough, there will be some form of NIL salary cap for each major school to even out the resources and create more parity. We will get a true playoff bracket, but the cost will be a lot of the old stuff that made CFB so appealing over the years.