There are 130 division 1, aka FBS teams. You want to make a league of only 64 of them. Who picks? My point with ks and vandy is there will always be door mats. What’s your plan for that, relegation? Swap out the bottom 4 in each division each year for the top 16 from the remaining teams…
Let the school's pick
If the school does not spend 50 million on Football then they drop out of Division 1 solves the problem