I wish it went the route of the Premiere League. At least there teams can win their way into the BPL. It's based on performance on the field. Yes, there are huge financial discrepencies b/w the BPL and League Championship levels (and so on), just as there are huge discrepencies today in CFB payouts/tv contracts. However, if you finish top 2 of the table in the lower division, you move up. If you finish 3-6 in the table, you're in a playoff where one team moves up. If you finish bottom 3 of the table, you move down. Just win baby.
If each P5 league had a subleague affiliated with it (say the ACC and AAC were linked) after this past season NCSU, WF, and UVa would have been relegated to the AAC. UCF, UL would have been promoted to the ACC, and Cinci, Houston, SMU, and UConn would have played off against eachother with the winner being promoted. Even if it was one or two teams relegated/promoted, it would work itself out over time. Ahhh, to dream.