My proposal is to spread the 130 Division I teams across 11 Divisions, based on Geography and traditional rivalries.
The 11 division champions qualify for the Round of 16.
The 11 second place teams will play each other to round out the other 5 Round of 16 teams, with a play-in game between the two lowest-seeded 2nd place teams, so you get 5 First Round games.
What I do then within each Division is to create Two-Tiers, one is the Power Tier of teams eligible for the playoffs and the lower tier, which mostly consists of the Non-Power 5 teams, with a playoff game every year to determine which of the Lower-Tier teams gets to play in the Power Tier the next season, so conceivably this gives all 130 Division I teams a chance to “control their destiny”.
That sounds like the Premier League. I like that I idea. Can you imagine the carnage if Alabama was “demoted?” That would be making.