I think you make a lot of good points. However, two things I’ll add:It still wouldn't be enough. As another poster stated, there isn't a market for minor leagues. Even minor leagues in baseball don't have billion dollar TV contracts, much less football or basketball.
College football is unique in that you have built in fan bases due to alumni. However, it's a group of fanbases cobbled together. It's not like the NFL, where people watch just because it's the NFL. For example, Georgia fans don't care anything about Oregon, so far as it goes. Georgia only have tangential interest because their school competes at the same level as Oregon.
If you do away with 1/2 or 2/3 of the schools by relegating them to a lower classification, those fans won't have interest in the Big Ten/SEC league. For example, if Clemson gets left out, Clemson fans won't start rooting for South Carolina. They will just stop watching. I know you think it won't matter if Oregon St., Baylor, etc. fans aren't included, but it will. The numbers just don't add up.
1) Although CFB is trending towards becoming NFL Lite, I think you need to view it as a separate major league sport rather than a minor league to the NFL. It’s pretty much on-par with the NBA as the next most popular sports entity in the U.S. ahead of the MLB, MLS, and NHL. Even though I believe they’ve bastardized it all, there will be a market for it now and in the future.
2) In regards to viewership and who cares about who, I think the idea behind a ‘super league’ is that it will draw the casual viewer much more than what the current state of college football does. Disney and FOX know, using your example, the Georgia and Oregon fanbases will always be there. Getting the casual fans from major metropolitan areas that have no affiliation to either school will be much more probable if they showcase Georgia/Oregon instead of Georgia/Vanderbilt and Oregon/Oregon State, to the point where they could outdraw any lost viewers from schools that aren’t included.