The simplest solution is a 40 team upper division of football separate from the NCAA. Four ten team conferences, and you play 3 games outside of your pod with whoever you want. The champs from each conference advance to a 4 team playoff. The conferences are strictly regional like a professional league with an emphasis on rivalries. This would add maximum emphasis to the regular season while still preserving a "fair" way of crowning a champion.
This would look something like:
WEST
USC
UCLA
Oregon
Washington
Arizona
Arizona State
Utah
Colorado
BYU
?
SOUTH
Texas
Texas A&M
Oklahoma
Mississippi
Alabama
Auburn
Georgia
Florida
Tennessee
?
EAST
Florida State
Miami
Clemson
South Carolina
UNC
Virginia Tech
Pittsburgh
Penn State
West Virginia
?
NORTH
Michigan
Michigan State
Ohio State
Notre Dame
Wisconsin
Nebraska
Missouri
Iowa
?
?
Who says no to that besides the "have nots"?