It would be interesting, but it would wreak havoc on future scheduling. I suppose if every team had the same schedule structure, i.e. nonconference games week 1-5, byes in weeks 4-5, conference games in weeks 6-13, it would be doable without too much difficulty.
Conferences are so yesterday. It's time to move forward with European thinking!
The problem is trying to control the P4 (formerly P5) within the confines of the NCAA structure that makes most rules apply to all divisions and treats Kudzu U the same as Alabama - as far as control and rules go. For 25 years I have avocated taking the top 5 (now top 4) conferences out of the NCAA, redefining what an athlete's relationship is within the college system, and doing something that still has the college feel but is more flexible.
Why not have a degree in college football? We have degrees in xxxxx, xxxxxx, (a bunch of degrees I won't name here for fear of offending) where there's like a 1/1,000,000 chance you actually get a monetized job in that field. Maybe have players on contract while at the school? Put them on contracts and we can restrict transfers, etc. Think outside the box. Relegation and promotion would be an incentive for actually investing in the team/program.
I'm not necessarily saying I want all of the above all at once but unless some control is returned to coaches and schools, college football will cease to exist as entertainment for many. I stopped following hoops when the 1-and-done rule went in because guys went to school literally for 1 semester and took 2nd semester off (in effect) if they knew they were going to NBA. Guys get super max contracts now and I've never even heard of them. Used to watch every game on ESPN back in the day because you could love/hate guys for 4 years. That ain't happening now. There has to be sensible way to bridge the gap from current college system to semi-pro to xfl/aafl to NFL leagues.
Anyway, food for thought.