What if we went with an entirely new model of Collegiate based athletics? All schools' athletic revenue (or a set amount, or something) gets paid into a fund at the NCSA (another Blue Chips reference...lol). From that fund, the NCSA evenly distributes the money back to the schools. Everyone has a level revenue playing field.
The NCSA handles all scheduling, somewhat like professional leagues do. No one can buy all their non-con games to be at home. There can still be tournaments, but those are assigned by the NCSA. Schedules are determined either randomly, or by using a formula like the NFL, where the better you are, the harder your next year's schedule is. Equal numbers of home and away games.
Tournament format would remain essentially the same, although it could be argued that everyone should be in it, and it could be structured like the old Indiana single class basketball tournament.
There would have to be some rule structure in place to deal with NIL, or salaries, or however we'd end up paying the athletes. Scholarships and a salary would be a smart way, I think. Perhaps give each school a salary cap, and then it's up to them to decide how to divvy it up amongst their players. NIL should go away, and all players should be paid by the school, from the money sent out by the NCSA.
Realize that this structure would not include the P5, nor some of the wealthier mids, as they won't have any interest in sharing money. However, as time goes by, I believe that the popularity of this format might win over a lot of fans because of the inherent possibilities of winning a National Championship, being more likely to identify with the program (as a point of emphasis would be retention of STUDENT-athletes). Much like in the NFL, every team (unless you're the Lions) has the opportunity to move up through smart drafts (recruiting), retaining important players, and evening out the competitive landscape.
This was off the top of my head. I'd be interested to hear your additions, subtractions, or what not...