They should do it like premier league soccer, other than the pts crap to determing champ.
1 Mega conference of 20 teams. Bottom 4 relegated to tier 2 every year, top 4 from t2 advances.
T1 plays a 12 game season all vs other t1 teams, no more FCS crap (for top teams), top 2 at seasons end play for the championship. The rest can fight over the bowls.
Top 20 programs going back through the BCS era until now will be your first T1.
Too many cowards to face that kind of schedule year in and year out though.