One of my pet peeves is the idea that Premier-League style "X up, X down" annual promotion could ever work in CFB. Even with the portal, that's just not how rosters full of 18-23 year olds (plus Stetson Bennett) work. The kind of lower division team that makes a splash probably has a lot of seniors, and often see a dropoff the next year. On the other side of the coin, many down years come from rebuilding teams that perform better the next year. So congratulations; you've responded to concerns about competitive balance by making it worse.
Give me rolling performance Pro-Rel that takes broader health of the program into account (the way it's SUPPOSED to work in Mexican pro soccer, but... yeah), and we can at least start to talk. Of course, in college you have the unique issue of, y'know, EVERY OTHER SPORT. I suppose that just means that administratively it will still be one conference, just with annual(?) realignment of divisions and payouts.
It would be an interesting hook for a broadcaster, and maybe a way for Wazzu and the Beavs to sell their new friends on unequal revenue sharing, but I don't see this one happening, at least not yet. Now, if it DOES, and if it works, you might suddenly see Michigan, Georgia, et al raising their eyebrows at a potential way to financially drop their dead weight without completely killing those intercollegiate relationships.