For overtime, I actually like the rotating 2pt conversions starting with the 3OT, but there are some things they can do to speed it up and change the perception of how long the OT is.
First, one thing that slowed things way down in the ILL-PSU game was switching sides after each OT. The teams had to move 94 yards from 3yd line to the other 3yd line. So no switching sides. 2nd you should have a 40 second clock to get the other offense and other defense on the field. That will keep the flow going.
Next, once the 3rd OT starts, that's it. Everything after that is considered the 3rd OT, no matter how many times you alternate attempts. Each team only gets 1 timeout and no more. And who plays offense first and who plays defense first for each series of attempts is determined at the beginning of the 3rd OT, so that won't slow things down.