I'd enact a set of changes which would end up making NCAA football look like the NFL, but with relegation.

Recind NCAA governance of college football, form a football only league.

Enforce two primary conferences at the championship level, with a max size of 20-ish teams per conference. Only teams in these two conferences may compete in the end of year 8-12 team championship playoff.

The bottom two teams from each championship conference get relegated at the end of the year, and the top two teams from the non-championship conferences are promoted.

Promote interconference play at the league level during the regular season to get a better idea of strength of schedule. Require teams who want to maintain rivalry games with teams from other conferences to use their non-conference game weeks.

Make the money side of the game more standardized, with profit sharing from championship conference teams with those in other conferences. Protect a promoted team from being relegated for 1-2 years to encourage roster and program building.

This way we can still have a hundred bowl games, and teams with less money or organizational motivation to maintain championship level programs can still play meaningful games in competitive conferences.

I can almost guarantee that the promotion and relegation bowls will be more interesting than the national championship.