This will never happen for a multitude of reasons, but this is what I want:
32 teams.
The P2 (B1G at 18 teams; SEC at 16 teams) each pick their top 8 teams. I don't care how they do it, leave it up to the conferences. Those teams play 3 rounds to determine conference champs. They start on Black Friday and crown a conference champion on the 2nd weekend of December.
The Big 12 (16 teams) and ACC (18 teams) get lumped together and do the same thing. Instead of each conference getting 8 teams, each gets 4. They crown their conference champs on the 1st weekend of December, and then those 2 play each other on the 2nd weekend.
Everyone else (the 75 schools of the Group of 6: Pac 12, American, C-USA, MAC, Mt West, Sun Belt) gets 8 teams...a conference champ for each of the 6, and then 2 at-large. They play their own 3-round tournament to determine who moves on.
Higher seeds host up until the round of conference champ or beyond.
The 4 teams that come out of this play semifinals on the 3rd weekend of December, and then there is a national championship on New Years Day.
So, what do you hate the most about it? No all-day football on NY eve and NY day? Too many teams getting a shot at the dance?
You gotta admit, Black Friday through mid-December would rock.
EDIT: Notre Dame is SOL unless they decide to join a conference