I just don't see this layout at all, because if you played every team in your own division every year, that would only leave 4 games for games outside your own division, so you would either have to do away from outside of conference games (which they will not do - they need those games at the start of the season to make adjustments before conference play), or you would never play teams from the other division. If they go to a 16 team conference, you would just about have to have 4 divisions, where you would play every team in your own division (gotta have rivalries, right?), and then would rotate through the other divisions, that way you could still have 3 out of conference games at the beginning of the year. And if they went to a four division layout, and IF they could get the NCAA on board with the idea, they could have the divisional winners play a two game playoff for the Conference Championship - but I don't see the NCAA getting on board with any kind of playoff system, plus someone would object because of the number of games that good teams would have to play - but just think of the revenue they could bring in for their schools.
If Notre Dame don't jump on board, they could always go to three divisions of five teams, and basically do the same thing, and in the "playoff" add a wild card team - because it seems like there is always one division that has a 2nd place team that is better than the other two first place teams... And this would leave one slot open for Notre Dame (this is the team that the Big Ten wants the worst - this is no secret) when they got their head out of their arse and saw that they were about to be left behind if they didn't eventually get on board.
Then they could always pull a rabbit out of their hat, and go to 20 teams...and have 4 divisions of 5 teams, and really put pressure on the on the other conferences to do something to compete in the form of combining conferences. As far as a long shot - this is more like shooting the moon...probably never happen.
I realize that the conference powers might be a little uneven in this setting. I was looking from a regional perspective.