Unfortunately this has been a trend of theirs for years now. Get involved in everything they can and then screw it up until it can't ever be fixed. Rant over.
Want to provide one bit of evidence to prove this point? Because it actually looks just the opposite to me. Lack of Government regulation resulted in the meltdown of our financial markets and failure of government to appropriately monitor off-shore drilling practices has resulted in the worst environmental disaster in US history. Additionally, failure to enforce mining penalties resulted in one of the worst mining accidents in recent history, and finally, failure to secure our national borders or enact effective immigration reform has left our borders wide open for illegal immigration and drugs and weapons traffic.
I know government is an easy target because they are a massive beast that most people don't really understand, but they do keep bridges over rivers and planes in the air, and keep us from dying from flu epidemics, and protect us from deadly toxins in our food, water and toys etc.
As far a weighing in on the college football landscape, for the most part we are talking about public universities that recieve federal funding inthe form of direct subsidy and massive dollars in research grants that help fund projects supported by the National Institutes of Health, National Science Foundation, etc. You know, government organizations that have promoted the public good and advanced ingenuity and knowledge?
While every state that has appeared to be negatively affected by the bizarre college bowl structure has weighed in on the wierd system, no government legislation has been enacted! Government has NOT got involved and messed anything up.
Now, saying this, I would expect them to get involved if college football goes to a 4 - 16 team conference structure that leads to a 4 champion playoff. Why? Because then you would be leaving out some large landgrant universities that could very reasonably argue that they had been unfairly locked out by a monopolizing practice. Clearly Kansas would have a very reasonable case.
Nobody really expects congress to enact college football regulation, unless you are talking about anti-steroid and anti-gambling type regulations. But it is entirely reasonable for our legislators to chime in from time to time when it appears as if an organization might be headed down a path that conflicts with our federal anti-trust laws.