Looks interesting, scheduling is always going to be difficult though. Having teams like Michigan and Ohio State in separate divisions is tough - you can make them a guaranteed non-division game, and I guess with 8 of those there's a lot of flexibility to do that. There would definitely be some whining about "easy" divisions (Penn State, ND, and USC must love this plan), but that's going to happen no matter what and honestly it's hard to tell what things will look like in a few years. Especially since I'd expect the lower tier teams to improve pretty dramatically as the remaining talent lingering at G5 schools bails out to get into this league.
The 12 divisions is probably important for playoff plans, but I think 9 divisions of 8 teams might be better. The Plains/Midwest/Great Lakes in particular could be re-shuffled. The old Big 8 is right there! And frankly, none of the teams in that Midwest division really care about playing us aside from Iowa (who will also claim they don't care).