The unbalanced schedules are so weird in the mega conferences, so I think they should just go to divisions. The Big Ten has 18 teams, they could easily split into 2, 9-team divisions and play 8 conference games with 4 non-con games. The winners then play for the Big Ten title.
Or they could do something truly unique with mini-tourneys at the end. So play 11 regular season games over 12 weeks (8 conf., 3 non-con) and then have a bunch of mini 4-team tournaments at the end i.e. 1E v. 2W, 1W v. 2E, winners play for 1st, losers play for 3rd. 3E v. 4W, 3W v. 4E, winners play for 5th, losers play for 7th. Then you do that through 16 with the bottom 2 just playing 1 game. If that is too many games, then maybe you just have the top 2 in each division play the tournament (I'd still do 3rd place game) and just have everyone else play just the 9th conference game against the team in the same divisional slot as them.
Something like that would be fun. Each team would end up with 9 or 10 conference games and 3 non-con and you'd have a true idea of who the best team is because of the mini-tourney.
So for divisions
East - Maryland, Rutgers, Penn St., Ohio St., Michigan, Michigan State, Purdue, Indiana, Illinois
West - Oregon, Washington, UCLA, USC, Nebraska, Iowa, Minnesota, Wisconsin, Northwestern
Those seem pretty balanced and you keep almost every rivalry intact (sorry NW/ILL).
I know they didn't play that sort of schedule this year, but the top mini-tourney would have probably been Indiana vs. Southern Cal and Ohio St. vs. Oregon. That would have been awesome to see those games to determine the champion and as a preview of playoff-caliber football. The next 4 if you played that mini-tourney would have been Michigan v. Washington and Iowa v. Illinois. Fun games, though obviously not quite as interesting.