According to the latest RPI, here would be the "Divisions" based on the top 120 FBS Teams:
9-Game Round-Robin Regular Season followed by 16-Team Playoff.
16-Team Playoff with First Round Matchups between:
#1 LSU vs. #16 Colorado State
#4 A&M vs. #13 UConn
#6 Florida vs. #11 Tennessee
#8 Michigan vs. #9 Baylor
#7 Bama vs. #10 Washington
#5 tOSU vs. #12 Navy
#3 Notre Dame vs. #14 Maryland
#2 UGA vs. #15 Ole Miss
I imagine such a system, combined with the top two teams from each Division moving up a Division each year and the bottom two teams from each Division moving down a Division every year would make for a very exciting regular season as well as a very exciting post-season.
Division I
LSU
Bama
Ok. State
Oklahoma
Oregon
Va. Tech
Arkansas
Clemson
Boise St.
Stanford
Division II
Houston
Mich. St.
South Carolina
UGA
Wisconsin
Nebraska
K-State
TCU
Michigan
Penn State
Division III
Southern Miss
Notre Dame
WVU
FSU
Baylor
Texas
USC
Tulsa
UVA
GT
Division IV
Arkansas St.
Cincinatti
ASU
Rutgers
Auburn
A&M
Mizzou
Utah
Washington
NIU
Division V
BYU
Toledo
Illinois
UNC
Iowa State
SDSU
tOSU
Iowa
USF
Nevada
Division VI
Wyoming
Miami
Ohio
Mississippi State
Florida
Pittsburgh
TT
SMU
LA Lafayette
Cal
Division VII
La. Tech
Temple
Louisville
Air Force
N.C. State
Eastern Michigan
Tennessee
Vandy
Wake
Syracuse
Division VIII
W. Michigan
Purdue
FIU
UCLA
Northwestern
Ball State
Marshall
Navy
UTEP
Division IX
WKU
UConn
East Carolina
Hawaii
Utah State
UK
UCF
Kent State
North Texas
Wazzou
Division X
Bowling Green
Maryland
Rice
Kansas
BC
Fresno
LA Monroe
Duke
Minnesota
Miami (OH)
Division XI
Arizona
New Mexico State
Army
Ole Miss
San Jose State
Central Michigan
Oregon State
Colorado
Troy
UAB
Division XII
Buffalo
Colorado State
UNLV
Indiana
Idaho
MTSU
Tulane
New Mexico
Memphis
Akron
9-Game Round-Robin Regular Season followed by 16-Team Playoff.
16-Team Playoff with First Round Matchups between:
#1 LSU vs. #16 Colorado State
#4 A&M vs. #13 UConn
#6 Florida vs. #11 Tennessee
#8 Michigan vs. #9 Baylor
#7 Bama vs. #10 Washington
#5 tOSU vs. #12 Navy
#3 Notre Dame vs. #14 Maryland
#2 UGA vs. #15 Ole Miss
I imagine such a system, combined with the top two teams from each Division moving up a Division each year and the bottom two teams from each Division moving down a Division every year would make for a very exciting regular season as well as a very exciting post-season.