This whole "need competitive balance" thing is maddening, and led to the debacle that is the Leaders/Legends setup. East/West is by far the best option, in terms of rivalries, travel, etc.; AND holds good overall balance. Sure, the East may get traditional powers OSU, UM, and PSU (who may be on ~10-year hiatus), but the West would get Nebraska and Wisconsin, plus the bulk of the mid-tier teams while the East gets the bulk of the bottom-feeders to compensate for being top-heavy.
In reading many of the comments, it amazes me that some idiots think that keeping the current alignment, adding Maryland and Rutgers to the Leaders while moving Wisconsin to the Legends is a good idea. The Legends is by far the stronger division currently.