The game can be great again and akin to what it once was, but it has to do so by forging ahead.
*Formatting-wise, we end up with super-conferences divided into divisions that mimic the old regionalized conferences.
*Financially, it was never a level playing field financially, so that part is less of an issue, imo. But here's the thing: you need to have the have-nots for there to be haves. The idea of an upper-echelon-only college football landscape is the worse possible idea. You need your (no offense) Purdues and Kentuckys and Oregon States to exist in order to have your Ohio States and Texas's living on pedestals. College football must not become NFL-lite!
*You don't need an NCAA if the schools themselves all sign an agreement to reign in the insanity of the portal. This would need to be led by the haves and incorporate some sort of protection for the have-nots. Some sort of limits on when and how many times a player can transfer until there is a sitting-out punishment component. Bad for the individual, good for the sport.
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The point is, there are ways to navigate this tricky time and come out on the other side healthy, unique, and relevant. These university presidents need to be thinking what's good for them in the long-term and not just what gets them the most possible money in the next 10 years. For any college football fan, we know a lot can happen in 10 years (ask Nebraska, USC, etc). Being short-sighted and obsessing about money isn't very good leadership.