The big question for me, when talking about the ACC, is whether they would try to hold on as a basketball only conference (or a non-football conference, I guess), while allowing their member schools to pursue football in other conferences. Would schools even be allowed to do this, under current rules? (I know Notre Dame can be independent in football while in the Big East for basketball; could teams be in two separate conferences, though?)
I'd have no problem with the ACC folding as a football conference, but losing ACC basketball would be unfortunate.
Yes teams can be in two separate conferences. Temple, for example, is in MAC for football and the Atlantic 10 for everything else. Now granted the Atlantic 10 doesn't have football, but it could be in the MAC for everything.
BYU is pulling a Notre Dame by going independent in football and is the WCC for everything else.
That said I don't believe it makes sense for any major school to split its conference affliation between two conferences.
I think realistically something like this will happen in the next 10 years.
SEC - 12 + Texas A&M, Missouri, Florida State, Virginia Tech
Pac 12 - 12 + Texas, Oklahoma, Oklahoma St., Texas Tech
Big 10 - 12 + Notre Dame, Connecticut, Syracuse, Maryland
ACC - remaining 9 + Pittsburgh, Cincinnati, W. Virginia, Louisville, Rutgers, Memphis
Big 16 - Kansas, Kansas St., Iowa St., Baylor, Texas Christian, Houston, C. Florida, S. Florida, S. Mississippi, E. Carolina, Boise St., Brigham Young, Fresno St., San Diego St., Nevada, UNLV
The WAC, Sun Belt, and rest of the Mountain West, all just make do the best they can.
Doing this I'd actually envision 4 divisions within each conference. Let's take the SEC
WestA&M
Missouri
LSU
Arkansas
Mid-WestAlabama
Auburn
Miss.
Miss. St.
South-EastFlorida
Florida St.
Georgia
S. Carolina
North-EastVirginia Tech
Tennessee
Vanderbilt
Kentucky
Every year you would play your division. You would play one other division in full for 2 years and then rotate that division (which becomes half of the conference for the title game). And every year you would play 2 other teams. I would personally do it like the NFL so if you finished in first you would play the first place team from the two divisions you don't play the next year (you could do it in two year cycles for better scheduling).
So say the West and Midwest are matched up the winner of those 2 divisions would play the winner of the Southeast and Northeast in the SEC title game. Say LSU finished the last 2 years at 16-2 in conference and had the best record in the West and Alabama was 15-3 and had the best record in the Midwest. They would each play Florida 14-4 and Virginia Tech 15-3, the first place teams from the other divisions over the next two years. The respective second place teams would play each other, etc.