BlazeOrange
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That is an interesting take and one that I hadn't really considered. The variable to consider is the implications of the upcoming playoff system. If things stay as they will be at the onset, having a big 5 vying for the four playoff slots will generally mean that either the B12 or ACC champion will be left out. I forget if there are rules to prevent a conference from sending two teams that would result in two of the major conferences not being represented, but don't think there are any such stipulations. Still, that's a relatively fair competition that is less risky for each conference.It is absolutely in the best interest of the Big 12 and ACC to be the fifth conference and trail by yards, than it is to be the fourth conference and trail by miles.
Now, if one conference or the other got absorbed by the PAC/B1G/SEC, with the survivor getting the scraps, it could go two ways:
1) Status Quo Playoff System - more risk that one of the Big 3 would get a second spot over the ACC/B12 champ, particularly if some of the top teams defected during the realignment period. Hopefully the respective GORs would require a conference to either stay intact or completely fold, but someone would likely test it.
2) Modified Playoff System - if the powers embrace the symmetry of the four major conferences and the Big 4 becomes the BIG 4, with only the conference champions qualifying for the playoffs. This would put the surviving 4th conference on par with the rest and be an improvement over the current situation. It wouldn't be long until the field was expanded to 8 teams though, maybe it would even happen immediately: 4 autoqualifiers, one spot reserved for the best of the non-auto conferences, and three at-larges (guess where these would most often come from?). Still a nice place for the survivor, but they will be getting half of the playoff spots (and payouts) than the Big 3 in most years.