I sort of like the idea of using a pod system like soccer does. Using the previous years ending 16 team standings, teams would placed into four pods changing each year by ending standings.
Pod A
Michigan, Purdue, Minn, Neb
Pod B
Ohio St, Ucla, Wis, Ind
Pod C
USC, Ill, Maryland, Rutgers
Pod D
Penn St, Iowa, Mich St, NW
Every team in each pod would play each other. Then rivalry games would be scheduled unless the game was already played inside a pod. Haven't figured out how to complete the results of the schedule yet.