I say get rid of all the conferences. Make it 120 teams in the FBS. rank them 1-120, divide them into 12 10 team divisions. You play one team from each division. Use the NSAA (Nebraska high school) point system. You get so many points for beating a team, such as:
50 pts for winning a game against a team with 0, 1 or 2 losses
48 pts for winning a game agaist a team with 3,4,5 losses
46 pts for winning a games against a team with 6.7,8 9 losses
44 pts for winning a game against a team with 10,11,12 losses
If you lose you get
42 pts for a loss to a team with 0,1,2 losses
40 pts for a loss to a team with 3,4,5 losses
38 pts for a loss to a team with 6,7,8,9 losses
35 pts for a loss to a team with 10,11,12 losses
Your points would change from week to week as a teams recored changes. At the end of the season take the top 16 teams (point averages) to the playoffs.
Take the tv money and split it between the top 120 teams every year so they all get the same amount. Scrap all conferences. Division 2 can be the next 120 teams. The top 10 in Div 2 replace the bottom 10 in division 1 every year, so smaller schools will get a chance to play with the big boys. Give each school a maximum they can spend on players. All players are on scholarship, and all players get paid. There will be a minimum each player gets paid and a maximum. All NIL money goes to the schools to use as their payout. But again there is a cap for each team. Say 30 million.
As for the portal: you stay a minimum of 2 years at the first school you sign with and then get one transfer for the rest of your career. If the coach you sign with gets fired or quits you can transfer, but not to the school he went to for the first year he is there.