This is just another stratification - D1 Super. Question will be: does D1super allow the middling (e.g., MAC) schools in, or do they limit your the traditional Big10 + SEC schools + bolt-ons. The eventual product is improved if you get rid of the mediocre schools but you potentially isolate their fan bases. So a bit of a pickle there.
I personally think you need a way to rope in some weaker schools for a variety of reasons, but maybe it is the champions of each of the D1 lesser conferences get 4 spots in the 16 team playoffs, and each of the D1 super conference schools have 3-4 free games to schedule. Basically the ISU model.