A more logical realignment would be to take ACC(14), Big10(14), Big 12(10), Pac12(12) & SEC(14) plus two teams ND & BYU. That is 66 teams, 16 per conference if you absorb one conference (ACC or Big12) into the other four (TCU & Iowa State would go to other Conferences). Sixteen teams per conference with four teams per division. Then for playoffs you can have two semifinal games per conference and one championship game. The four champions play in the two game playoffs and the rest go bowling. That could mean 16 games for the top two teams.
There wouldn't be any discussion on who is number one...unless three 11-1 teams in the same division beat each other once because then it would go down to a tiebreaker. This would probably happen in the inaugural year.
Conferences could jockey for teams with regards to TV coverage, or a shared revenue arrangement could be made by SEC Channel, PAC12 Channel, Big10 Channel, etc.
Just a quick lay in without too much regard to rivalry and tradition:
SEC Coastal FL, GA, USCe, Aub; SEC Mountain: TN, KY, WV, Vandy; SEC Dixie: AL, MSU, Ole Miss, LSU; SEC Western: Ark, Mizzou, aTm, TX
Pac12 NW: OR, ORST, WA, WSU; Pac12 Coastal: Cal, Stan, UCLA, uscW; Pac12 Dessert: AZ, ASU, BYU, Utah; PAC 12 High Plains: Col, Kan, KSU, TTU
Big10 Northeast: Mich, MSU, OSU, PSU; Big10 Heartland: IN, Purdue, ND, Northwestern; Big10 Beer&Brats: Wis, MN, Iowa, ILL; Big10 Plains: Bay, Neb, OK, OKST
ACC Deep South: FSU, Mia, GT, Clem; ACC Carolina: Duke, NC, NCST, WF; ACC Coastal: Mary, Rutgers, Virg, VT; ACC Noreaster: BC, Pitt, Syracuse, Louisville
Every year a team would play three teams in division, a rival from the other three divisions (bama & aub & ark) plus three rotational games from the other three divisions (SEC Dixie or SEC Coastal or SEC Western) and three OOC games...12 total.
It would work but it will never happen.