Every school will look after its own interests. Among the power conferences, there are the top teams that drive the bulk of conference media value, but they're also are the teams that do not but enjoy the benefits generated by the top teams because of history or geography. I would suggest that even among the top conferences the latter group is likely to be the majority. Assuming that's correct, it is very unlikely that those schools would support any change which would allow them to be "relegated". So if the top performing schools want to optimize their revenue stream, probably the best way to do it would be to leave their existing conferences and join smaller conferences made up of similarly performing schools.
An alternative to this would be to have dramatically different distributions within a conference based upon performance. It is interesting to see what those performance statistics might look like. I suppose it could be rankings or end of season success, but maybe it makes more sense if it were solely based upon media value, ratings, etc. The under performing schools might well agree to that in order to keep their conferences together, for at least a while longer, but, inevitably, that becomes a death spiral for them since unequal revenue would likely create an environment in which they could not compete at a higher level.