I think conferences should be limited to 9, or at most 10, teams. That solves most of the problems related to scheduling, conference championships, playoff participation, etc., etc. But it doesn't make as much TV money.
If you take TV out of the picture, look at how much more logical and competitive college sports were before the huge shakeups in conference membership. It was better in almost every respect. Iowa, for instance, could play its traditional rivals instead of Maryland and Rutgers, while having some flexibility with non-conference opponents. Likewise, ISU was playing Nebraska and Missouri instead of West Virginia and TCU.