I can see it going something similar to the NFL -- big league with more small divisions. Something like this would be cool:
B1G West: USC, UCLA, Wash, Ore
B1G North: Min, Wisc, Iowa, Neb
B1G Central: NW, Ill, Purd, Ind
B1G East: Mich, OSU, PSU, MSU
B1G Northeast: Rut, MD, ??, ??
Two division...