One underrated thing about the past structure of college football is how healthy having a lot of quality independent programs was.
It helped with scheduling freedom and kept any individual conference from having too much power.
ND, Penn St, FSU, Miami, S.Carolina, BC, VT, WV, Pitt, Syracuse.....the Big Ten was good enough, the SEC was good enough, the SWC was good enough and the PAC was.....way out there and good enough (thanks to USC).
The independents were like electrons filling in to complete this season/outcome (atom) and that season/outcome. Not really having them has caused both inequality among the conferences and an obvious, resulting arms race.
I know "too much" has changed since then, but it's still worthwhile to acknowledge some of these past dynamics.