-Agreement with each P5 conference for a home and home series with 1 team per conference per year (5 games per year, with good representation of power programs - the Pac 12 would be with a team in addition to Utah - see below)
-Annual game with Notre Dame
-Annual game with Utah in November
-Tiered bowl arrangement (NY6 bowl for finish ranked #5 to 10; Holiday Bowl for finish ranked #11 to 20; otherwise, default contract bowl)

I also think it would be cool to have an annual game with a service academy school on a home and home basis (rotating between the three service academies).

If the above situation could be sustainable over the long term, I'd personally prefer it over P5 inclusion. Of course, the odds of this happening are even lower than P5 inclusion.