Eight-game conference schedule for football, annual opponents as listed...
Air Force (AFA): USMA, USNA, OK, VU
Army (USMA): AFA, USNA, OK, VU
Baylor (BU): RU, SMU, TCU, OK
Navy (USNA): AFA, USMA, LA, VU
Rice (RU): BU, SMU, TCU, LA
Southern Methodist (SMU): BU, RU, TCU, LA
Texas Christian (TCU): BU, RU, SMU, OK
Tulane (LA): USNA, RU, SMU, VU
Tulsa (OK): BU, TCU, OK, VU
Vanderbilt (VU): AFA, USMA, USNA, LA
This is a good idea; but it is never workable unless that league could get some sort of financial stability. Vandy/Baylor knows it can't compete in football in the SEC/Big 12; but, it provides the money to let it compete more than competitively in everything else.
If they ever come up with a playoff system or a BCS bowl system where every league gets one nice payday, then a league like that is possible, if not imminent.