It's something I've wondered about, and it makes sense. It also speaks volumes about the popularity of these games. I too would like to see a return to just a handful of meaningful bowl games.
I wonder how the conference realignments are going to affect the Pac-12. It sure looks like it will be hollowed out if they lose USC and UCLA, then Oregon and Washington. Who will be left that's any good? What teams that are in the West and are decent will want to join? And if the conferences are all going to be nationwide, what's the point (other than exposure and TV money)?
The PAC 12 has backed itself into a corner when it comes to bringing in new schools. The conference requires all members to be Tier 1 research universities, and schools like Boise and San Diego St don't qualify. There are Tier 1 schools in the MWC (Colo St, New Mexico, UNLV, Utah St), but they don't offer much sports wise. There are also some Big 12 schools who are Tier 1 (Baylor, K-St. Texas Tech), but I can't see them leaving the B12 for an unstable league like the P12.
I bet the B12 is spanking themselves for admitting the four mids (UCF, Cincinnati, Houston. BYU) they accepted last year. Had they known the PAC 12 was going to be in trouble after losing USC and UCLA, they could have grabbed established Power 5 programs like Utah, Arizona St, Washington, Oregon etc. BYU is a solid get, but even schools like Wash St, Cal, or Ore St would have been better than UCF, Houston, and Cincinnati.
I still don't believe both the Pac 12 and Big 12 can survive as P5 conferences. I think there will be some type of merger, or even schools from both leagues joining together to start a new conference. The left overs could either join the MWC, join the WAC and revitalize it as a football conference, or start a new mid major league.