A completely stupid idea came to me during my Saturday afternoon nap based partly on
@ChrisLong's comment that air travel makes "nearness" relative. We can't really have relegation in our professional sports because of the difference in stadium size/metro areas between major leagues and the minors (baseball and hockey, for starters).
But what about one for college football (and perhaps college basketball) that partially steals from the UEFA/major European Soccer League model?
Take the top four teams from each Power 5 conference, plus the top four teams from G5 to form two 12-team conferences called the National Championship Conference (Pac-12, Big 12, Big 10/Notre Dame and the Boise States in the "West"; ACC, SEC and other G5 teams in the "East"). Play a round-robin and match up the winners for the Bowl Championship in Indianapolis, and second place for the Rose, third for the Sugar, fourth for the Fiesta, fifth for the Orange, sixth for the Cotton, etc.
So what to do with the teams left out of the Favored 24? Have them continue to play for their conference championships. For example, the remaining 12 SEC schools play a round-robin to determine the SEC champ, which then challenges the lowest-finishing SEC team in the National Championship Conference to a winner move up match, to be played the week before the Peach in Atlanta. The same with the other P5 conferences and G5 schools, each having the opportunity to "bump" their way into the NCC.
You've still got conference affiliations but a "super conference" with supposedly the best 24 teams rotating based on relative strength. Each conference keeps its regular TV deal, plus now you've got 12 NCC games available each week (or with staggered byes) to sell as a separate package.
Would it impact recruiting to be left out of the NCC? Certainly, but it's not like Alabama, Clemson, Oklahoma, Georgia are getting beat by the also rans for the blue chippers now. Is it better for Tennessee, Florida or South Carolina to go 2-9 in the NCC or put an SEC Championship banner on the wall?
It'd never happen, but it's fun to blow the whole thing up right now.