I'd be surprised by this format in football due to the fact that one loss often eliminates a team from national championship contender status - where as in basketball you just need to make the dance and everyone has a few losses. Similar to the Texas/Ohio State home and away series a couple of years ago in football. It was great to be able to watch that game early in the season, without a personal interest, but essentially the loser was on the outside looking in for any title contender status.
If the B1G/PAC rotates teams and home and away, this will happen from time to time, but I don't think the conferences would want to eliminate a team from either conference so early in the year - each and every year. It would also create the possibility for a Rose Bowl rematch more often. This isn't necessarily a bad thing, but most likely not a good thing very often.