In my head, here's what happens out west at that point:
1. Pac-12 'relegates' Utah and Washington State out, in part b/c of their poor performance and in part b/c of their difficulty in meeting the new financial requirements (also, their travel partners are each 5+ hours away, and they arent in recruiting havens).
2. Utah and BYU rejoin the Mountain West, along with Gonzaga. The Zags become Wazzou's travel partner in all non-fb sports in this awesome 14/15 team MWC, the 5th-best conference in the country.
3. The leaner, 10 team PAC grabs the Texahoma 6. (This would be insanely controversial; Utah no doubt feels its more worthy than Baylor/TCU).
4. Notre Dame and Navy fb-only commit to the ACC on an eight-game full slate, with ND basically picking its division (Navy, BC, etc.).
5. The SEC takes West Virginia and Kansas State
6. The Big 10 grabs Kansas and...Connecticut over Iowa State?
To me it's more feasible if relegation is actually legally possible.
Good points on this question, Notsellingjeans, tute 79, and ncaanop...
Notsellingjeans, regarding your rationale for the above, several scenarios came to my mind before. Some of it was similar.
ncaanop.., I think the Big12 has to be the one that gets shaken apart. The B12 is geographically central, has fewer overall schools, and it's the one most strategically could feed each of the other three in some fashion.
tute79, agree, if such happens, the '64' shall get altered with all the politics and maneuvering that would abound. A few outside the current power 5 could find a spot.
My last thought---though really, really suggestive:
1. The ACC adds Notre Dame (all sports) & takes Iowa State. Their 16. (alternative to Iowa State---WVU); Other backups: UCONN and Cincy).
2. The PAC12 adds UT, TTU, OU, and OSU. Their 16.
3. The SEC (a huge relenter---gulp!-- on this as to schools but not concept) does take Kansas State and West Virginia. Their 16. (close to your #5, NSJ). (alternative to WVU? ISU?)
4. The BIG takes Kansas and UCONN. (same as your #6 NSJ). (If not UCONN, then Iowa State).
Politics and compromise shall force Iowa State in there somewhere.
The system though, can't keep schools such as Wake Forest in there, and exclude schools such as Baylor and TCU; and then not make room for somebody such as BYU or perhaps Boise State.
Maybe the process would be incremental; but I can't see it being done without a huge amount of bickering, discord, lawsuits, and numerous conflicts within and without.
Maybe as tute79 indicated, they'll have to find '72' early-on to even try for it.
Perhaps at "72", a handful of MWC and AAC schools, plus BYU, could make it in there.