Apologies for what some may feel is a little bit of a geek out and for asking the following if you've already dealt with them elsewhere, but I've been thinking about your structure since yesterday and I have a few questions.
1) Since everyone will have a separate LLC for each school and you will be imposing horizontal wage limits, you are going to have to form a joint venture. So who gets invited to the party? The 350 Division 1 schools, the 136 Division 1 FBS schools plus the 47 Division 1 basketball schools or some smaller number then either of those 2 options?
2) Regardless of who gets invited, is the structure of the joint venture a "one for all all for one" or more like the Premier League in England, where there is a plan and play out capacity?
This is just my first level of thought on it, could be important details I am missing but here is how I'd set my League up:
*Remember the sports team and the school are going to be separate entities and current formation of the B1G as an academic and sports institution will not hold up for football and men's hoops only. This is all football, I don't give a damn about basketball.
1) I invite the current B1G, SEC and ACC schools that want to play this way, shooting for a number like 30. If the Vandy's and Northwestern's don't want to participate, that is fine. They can go back to the old student athlete model like NCAA D3 is now. This is an unabashed pro sports league, comprised of 30 LLC's that have the same name as current schools we all know.
1A) If the Boise State's get butt hurt they can go form their own league, just like Euro soccer, it will be a clear next step down kind of thing.
2) I don't know enough about the Premier League structure to comment on the "all for one vs play it out" concept. I am going by the American pro sports league model where it is a partnership between, say 30, business owners to make money. Athletes are employees, employees can form a union and that union and the owners can collectively bargain around things like a draft, league operating rules, compensation etc etc etc
So OSU goes into a licensing agreement with Columbus Sports Ventures, LLC and they find a the right number to split up the money made from football (TV deals, home games, merchandise etc) Now OSU the school can concentrate on being a school, still get a very healthy income stream and not have to try and fit the round peg in the square hole and manage a completely different business model inside their primary business model.
Now do that x 30 or so at any other school that wants to play and that group of 30 entities is what Fox/ESPN promote as the CFB A league or whatever.
One last thing-I imagine a world where players get a G.I. Bill-like award to come back to the actual school they played under and get a degree. I also think the players should get lifetime health care from any University hospital in the network of 30 teams Kind of a VA set up that is actually good for them).