In this utopian/dystopian near-future (depending on your perspective), the P4 conferences have effectively made the CFP into a showdown between the conference champs via contracts with the major bowls. Championships for conferences with 16 teams have been expanded to 2 rounds, with the 2 division champs and 2 wild cards facing off. Each P4 conference has 16 teams in two 8-team divisions, with 4-team pods rotating between the divisions every two seasons (North+East/South+West, then North+West/South+East, and repeat). Since all P4 conferences have moved to a 9-game schedule here, each team is able to play every other team in their conference at least twice within 4 years (with the exception of teams with protected divisional crossovers, which may take, and cause some other teams to take, more time to play everyone).
The means by which the teams arrived in their conferences here are the same as in the OP, except the ACC took Cincinnati as its 16th instead of UConn. The arrangement of the pods is a bit different though. In the ACC, Big Ten, and SEC, I tried to balance out the pods competitively (while still somewhat respecting geography), either (A) by making all 4 pods roughly equal in average strength or (B) by making the North/South pair roughly equal to each other but significantly stronger or weaker than the East/West pair, which are also roughly equal to each other (the pods in each pair never share a division).
The greatly diminished Big 12 (no longer treated as a power conference) absorbs most of the remaining AAC schools. Navy football goes independent again without major Texas schools to play. The AAC remnants (Tulane, Tulsa, Wichita State) decide to create a more regional conference, bringing on CUSA West and Arkansas State. The rest of CUSA focuses eastward by adding App State, Georgia Southern, and JMU. The Sun Belt taps Missouri State for full membership and invites Liberty and NMSU as football-onlies. Rebuilding conferences aim for 10 football schools to maximize CFP payouts per school.
Here's a
MAP of the P4 for your viewing pleasure!
ACC
East: Florida State, Miami-FL, Virginia, Virginia Tech
North: Boston College, Notre Dame, Pittsburgh, Syracuse
South: Duke, NC State, North Carolina, Wake Forest
West: Cincinnati, Clemson, Georgia Tech, Louisville
Protected crossovers: North Carolina/Virginia
Big Ten
East: Maryland, Ohio State, Penn State, Rutgers
North: Illinois, Minnesota, Northwestern, Wisconsin
South: Indiana, Michigan, Michigan State, Purdue
West: Iowa, Kansas, Missouri, Nebraska
Protected crossovers: Iowa/Wisconsin, Michigan/Ohio State
Pac-16
East: Houston, TCU, Texas, Texas Tech
North: Oregon, Oregon State, Washington, Washington State
South: Arizona, Arizona State, Colorado, Utah
West: California, Stanford, UCLA, USC
Protected crossovers: none
SEC
East: Florida, Georgia, South Carolina, West Virginia
North: Arkansas, Kentucky, Oklahoma, Oklahoma State
South: Alabama, Auburn, Tennessee, Vanderbilt
West: LSU, Mississippi State, Ole Miss, Texas A&M
Protected crossovers: Auburn/Georgia, Kentucky/Tennessee
Big 12
East: Central Florida, Connecticut, East Carolina, South Florida, Temple
West: Baylor, Iowa State, Kansas State, Memphis, SMU
American
East: Arkansas State, Louisiana Tech, Southern Miss, Tulane, UAB
West: North Texas, Rice, Tulsa, UTEP, UTSA
Non-FB: Wichita State
CUSA
North: James Madison, Marshall, Middle Tennessee, Old Dominion, Western Kentucky
South: Appalachian State, Charlotte, FAU, FIU, Georgia Southern
Sun Belt
East: Coastal Carolina, Georgia State, Liberty* (ASUN), South Alabama, Troy
West: Louisiana-Lafayette, Louisiana-Monroe, Missouri State, New Mexico State* (WAC), Texas State
Non-FB: Little Rock, Texas-Arlington
FBS Independent
Army* (Patriot), BYU* (WCC), Massachusetts* (A-10), Navy* (Patriot)
No change:
MAC,
MWC
* = football only (primary conference)
Notable annual non-conference matchups: Army/Navy, BYU/Utah, Clemson/South Carolina, Colorado/Colorado State, Florida/Florida State, Georgia/Georgia Tech, Georgia Southern/Georgia State, Iowa/Iowa State, Kansas/Kansas State, Kentucky/Louisville, Navy/Notre Dame, Notre Dame/USC, Oklahoma/Texas, SMU/TCU
NY6 Bowls
Peach: ACC vs. SEC
Rose: B10 vs. P16
Orange: ACC vs. B10
Cotton: P16 vs. SEC
Fiesta: ACC vs. P16
Sugar: B10 vs. SEC
Bowl participants rotate in a three-year cycle. For example, in Year 1, the Rose Bowl serves as the CFP semifinal between the B10 and P16 champs. In Year 2, it's a non-CFP game between the #2 teams in the B10 and P16. And in Year 3, it's a non-CFP game between at-large teams. The top FBS team outside the P4 is guaranteed an at-large spot.
This whole scenario is not entirely unrealistic, IMO, although perhaps too logical to be very likely. One of many many possibilities.