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Agreed.
What is most important to P5 programs: winning or cash? It is obviously cash. This regional conference would provide winning and drive-able road games to just about all members. How much cash it could garner is what makes it interesting. It weakens the ACC, Big 12 and the B1G (somewhat) and provides a very strong Northeast conference.
No startup conference like the one proposed in this thread would make a fraction of a P5 conference. It will never happen.
I can absolutely see a regional football conference but it would be with G5 retreads.