Division A Division B Division C Division D Division E
North West South South West
Washington Arizona New Mexico Tulsa Michigan
Washington St. Arizona St. New Mexico St. Oklahoma Michigan St.
Oregon UNLV UTEP Oklahoma St. Western Michigan
Oregon St. Nevada Texas A&M Kansas Central Michigan
Stanford Boise St. Houston Kansas St. Eastern Michigan
California Idaho Rice Missouri Ball St.
South East North North East
SJSU Utah Texas Tech Wyoming Illinois
FSU Utah St. Texas Iowa Northern Illinois
USC BYU TCU Iowa St. Northwestern
UCLA Colorado SMU Wisconsin Notre Dame
SDSU Colorado St. North Texas Minnesota Purdue
Hawaii Air Force Baylor Nebraska Indiana
Division F Division G Division H Division I Division J
South West North West North
Louisville Tennessee Boston College LA-Lafayette Clemson
Kentucky Middle Tennessee St. Connecticut LA-Monroe South Carolina
Marshall Memphis Army Louisiana St. Florida St
West Virginia Vanderbilt Buffalo Tulane Florida
Cincinnati Arkansas Syracuse Southern Mississippi Georgia
Ohio Arkansas St. Rutgers Louisiana Tech Georgia Tech
North East South East South
Toledo East Carolina Pittsburgh Alabama Central Florida
Kent St Wake Forest Temple UAB South Florida
Akron North Carolina Penn St. Auburn Miami
Bowling Green North Carolina St. Maryland Troy St. Florida International
Ohio St Duke Navy Mississippi Florida Atlantic
Miami (OH) Virginia Tech Virginia Mississippi St.  
State by State Analysis Division Breakdown by State
Alabama (4) Division A - CA, HI, OR, WA
Arizona (2) Division B - AZ, ID, NV, UT, CO
Arkansas (2) Division C - TX, NM
California (7) Division D - WY, NE, KS, OK, MN, WI, IA, MO
Colorado (3) Division E - MI, IL, IN
Connecticut (1) Division F - OH, KY, WV
Florida (7) Division G - AR, TN, NC, MO
Georgia (2) Division H - NY, PA, NJ, MA, CT, MD, VA
Hawaii (1) Division I - FL, GA, SC
Idaho (2) Division J - LA, MS, AL
Illinois (3)
Indiana (4)
Iowa (2)
Kansas (2)
Kentucky (2)
Louisiana (5)
Maryland (2)
Massachusetts (1)
Michigan (5)
Minnesota (1)
Mississippi (3)
Missouri (1)
Nebraska (1)
Nevada (2)
New Jersey (1)
New Mexico (2)
New York (3)
North Carolina (5)
Ohio (8)
Oklahoma (3)
Oregon (2)
Pennsylvania (3)
South Carolina (2)
Tennessee (4)
Texas (10)
Utah (3)
Virginia (2)
Washington (2)
West Virginia (2)
Wisconsin (1)
Wyoming (1)
The proposed schedule for each team would be:
(5) intra-division games - two divisions of six schools each within each conference.
(3) inter-division games
(3) inter-conference games
(1) conference championship game for each division winner
(2) Byes - one after the non-conference games, and one after the conference championship game.
There will be 12 conference winners and 4 at-large invites to make up a playoff pool of 16 schools. 
Then there will be four rounds of playoffs. I will also make up a consolation bracket of 16 schools who are invited to play one bowl game.
So lets examine a probable schedule for USC if my format was in play this past season:
9/3 - @ ASU
9/10 - @ ND
9/17 - Arkansas
9/24 - Bye
10/1 - FSU
10/8- @ Cal
10/15 - WSU
10/22 - @ Hawaii
10/29 - SJSU
11/5 - @ SDSU
11/12 - OSU
11/19 - UCLA
11/26 - Conference Championship Game (vs. Oregon)
12/3 - Bye
12/10 - First Round (vs. Iowa)
12/17 - Second Round (vs. Miami)
12/24 - Semi-Finals (vs. Penn St.)
12/31 - National Championship Game (vs. Texas)
Football season = 18 weeks - less than the NCAA basketball season.
Thus, critics cannot complain about amout of school missed, especially with the last two weeks being during winter break. 
Accommodations will need to be made for finals though.