If the new league is going to form, then who says it would have to be under the NCAA umbrella? Second, regardless whether the new league is under the NCAA umbrella or a new association, there is a possibility they will not want to play by the current rules. For example, if the new association decides that the stipend for all student-athletes is $15,000 (because of the significant increase in the TV contract), then it is possible that not every P5 school will want to pay their student-athletes that kind of money.

Even if the new league doesn't have a minimum stipend requirement, they could implement a minimum stadium requirement. If the minimum stadium requirement is 70k or 75k, then will schools want to spend money to increase their stadium size or lower their ticket sales to increase attendance. The new league could requirement a minimum actual attendance instead of paid attendance.

If the money is good enough, then don't be surprised if as few as 32 schools (aka the blue bloods) decide to break away to form their own association. Nebraska and Oklahoma didn't have a problem ending their annual rivalry. The same goes for VT-WVU, Penn State-Pitt, Penn State-Syracuse, Texas-TAMU, Utah-BYU, Kansas-Mizzou, etc., so it would seem that everyone has a "price" or a "reason" for not continuing an annual rivalry. So I am not sure you can assume it would suddenly change under your proposal.

Don't get me wrong, I don't oppose your idea or even the though of seeing rivalries reborn. I am not sure it is realistic for fans to expect schools to bring back annual rivalries that existed up through the 80s, 90s, or even the 2000s.