If they go the private ownership route, they immediately make huge strides toward Title IX compliance because, at last count, 85 scholarships and 100+ roster spots go off the athletic department books. That would probably hold up even if the schools retain ownership because it would become a corporate entity similar to the companies schools set up to license the use of their patents.
The biggest academic-route surprise? Easy. Notre Dame. What Notre Dame is today is the legacy of Father Hesburgh. To go the semi-pro route would be an insult/slight/bad reflection on his legacy. There are posts on their hard-core fan site (NDNation) that make me believe even their fans who would like to go semi-pro acknowledge that they won't. There will be an unpredictable number of schools who are forced to be in the academic group, even though they want to be in the semi-pro group, because they'll determine the financing isn't there.
I think TV money will be there. Less than now, but more than before it took off, because the number and location of those left behind will have appeal. I've said this before, which 3:30 Week 10 game would people rather watch, 3-6 Texas v. 2-7 Alabama or 8-1 Pitt v. 9-0 Ga Tech?
In all of this reshuffling, no one will be voted out because it takes too many votes. Going the semi-pro route probably gives them the out they need because "We don't play NCAA football anymore."
B1G departees - Ohio State, Michigan, Michigan State, Penn State, Wisconsin, USC, UCLA, Washington, and Oregon for sure. Nebraska will want to subject to money, Iowa and Minnesota will want to but the money probably won't be there. Illinois and Indiana pretty much already know they won't have the money. Purdue and Northwestern are in the academic group from the get-go. Rutgers and Maryland? They had better start making nice to the folks from whence they came.
SEC departees - Florida, Georgia, Alabama, Auburn, LSU, Texas, aTm, Oklahoma, and Tennessee for sure. Ole Miss is 90%+ probable. Kentucky will want to, but putting the money together will be the determining factor. Arkansas will be in the same boat (maybe Jerry Jones leaves them a lot). Mississippi State, Missouri and South Carolina won't be asked, and Vanderbilt may already be sounding out members for their new conference.