It feels like there are some specific things they'd have to work out to really make this work. I think it would have to look something like this:

1) Total revenue pie has to grow substantially.

2) Revenue distribution would have to be based in a way that incentivizes the blue bloods to champion this. Something like 60% of all funds goes to individual members based on viewership. And then 40% goes some other "performance based metrics". Essentially, this becomes a way for OSU/Michigan/Bama to actually increase their revenue advantage against all other members — especially against the dead weights in their current conference. They get to do that all at once and to "save the sport". They are the good guys in this situation, even while they increase their lead and make more money then ever.

3) You essentially let the blue bloods choose the divisions as well. They can work out the right combo of bringing over their cherished rivals, and then they can choose who they want to beat up on annually. 2 top teams per division increases likely hood that both make the playoff. Plenty of insight from the TV folks to make sure we have the guaranteed matchups that maximize revenue.

4) Non-Football sports must have a way to go to regional conferences outside of this. The extra bill of flying softball teams cross country is too much and the big leagues don't want to waste that money. Increased revenue + lowered expenses. Even let them be academic focused or whatever else. Doesn't matter. Just cut expenses without eliminating programs.

5) The current P5 commissioners are given some sort of "oversight committee" position and can be commissioners of the non-football conferences. These folks (especially Sankey) have a huge amount of sway. You'll need them on board. Sankey may have to be commissioner of the new league even.

In short — this will only work if you make it an even more profitable/advantaged system for the current winners. If the total pie grows enough, everyone may technically still make more money, and have better access then ever before. Likely the best possible model we can hope for in the next iteration of the sport.