Maybe this is pie in the sky thinking but I could see a Netflix type subscription model be very successful. Last CFB season there were around 900 million viewers. Price the service at say $7/mo for a year subscription, $20 for month to month I bet you could raise everyone's media payouts. If 5% of the viewers from last season subscribed that would be on the order of 3.8 billion dollars. You could pay ~$50M per P5 team and still have enough left over to pay the G5 $9 million per team. Everyone gets a raise!

You'd obviously need to aggregate all the broadcast rights which is a huge hurdle and figure out how to cheaply produce the games which is another hurdle. I could see it start with the Big 10 and spread from there or maybe it happens when the P5 finally form their own division. I wonder what things would be like if streaming were a thing in the 80s. Would decentralization have happened in 84 if everyone gets on "tv"?