In reality outside of fines there isn't much that can be done. Yes the athletic department will crash and burn but the point is the schools would rather go broke (in athletics) than play under the current system. And it would take well over half the member schools to make it work. Ohio State cant be Ohio State without teams like the Minnesota, Iowa, and Northwestern.
Make no mistake, it isn't going to happen anytime soon. It will take a lot of steps to get there. It would likely start with conferences doing something and then the P4 forcing changes.