72 teams, 6 conferences, 6 playoff spots, 1 champion (rules and example follows)

Pick 72 teams and arrange them into 6 geographic conferences (each with 2 6 team divisions), keeping as many historic rivalry games as possible.

Each team will play 8 conference games (5 in division, 2 cross division rotating, 1 permanent cross division rival), and 4 non conference games (all home/at home or neutral site/neutral site, 1 against permanent OOC opponent, 3 rotating opponents from the other conferences).

After regular season, top team in each division plays in conference title games for each conference.
6 conference champions advance to the playoffs. BCS rankings seed teams 1-6 with top 2 getting a first round bye. Winners of first round play top 2 seeds, winners of that game play for the title.

TWIST: every two years, the team with the worst record over that two year span from each conference gets demoted and the 6 teams with the best record from FCS get promoted in their place.

Build your conferences and divisions, let the madness ensue! (example to follow)

SEC
West
LSU
Texas A&M
Miss State
Ole Miss
Alabama
Auburn
East
Florida
Georgia
Tennessee
Kentucky
South Carolina
Vanderbilt

ACC
North
Virginia Tech
Virginia
North Carolina
NC State
Duke
Wake Forest
South
Miami
Clemson
Florida State
South Florida
Central Florida
Georgia Tech

PAC 12
North
Oregon
Oregon State
Stanford
Cal
Washington
BYU
South
USC
UCLA
Arizona
Arizona State
Utah
Colorado

Big 12
North
Iowa State
Kansas
Kansas State
Arkansas
Boise State
Air Force
South
Texas
Texas Tech
TCU
Baylor
Oklahoma
Oklahoma State

Big 10
West
Mizzou
Wisconsin
Iowa
Nebraska
Minnesota
Michigan State
East
Ohio State
Michigan
Northwestern
Illinois
Indiana
Purdue

American
West
Pitt
Louisville
West Virginia
Penn State
Syracuse
Rutgers
East
Boston College
Maryland
UConn
Notre Dame
Army
Navy