Well, hypothetically, the conferences wouldn't have a choice. It'd be the "elite" football schools talking amongst themselves and breaking away from their existing conference to form this new "super conference." That's the most realistic way I see something like this happening at least without a complete blow up of the NCAA.
It'd actually probably end up being a decent basketball conference too if I think of the schools that would be interested in something like this. Not the best, but respectable.