Each conference gets to keep its structure, associations, and media deals. Each conference has its own conference championship tournament with the CCGs in the New Year's bowl games that flow right into the CFP semifinals for the four P4 champs. the P4 conferences would be free to structure and determine participation in their conference tournaments, such as using divisions and wild cards, or just the top-ranked teams. Each conference tournament would likely involve 4 teams, but conference tournaments could grow to 6 or 8 teams if so desired. Each conference would keep ALL THE REVENUE from its conference tournament - ticket sales, media, sponsorships, whatever. And then portion out the revenue from the CFP Final 4.

In this scenario, Notre Dame would join the ACC - or at least keep its ACC affiliation and have the ability to qualify for the ACC football tournament.

Like this:

CFP Round 1
B12
(4)Iowa state at (1)BYU
(3)Arizona State at (2)Colorado

SEC
(4)Tennessee at (1)Texas
(3)Georgia at (2)Texas A&M

B1G
(4) Penn State at (1)Oregon
(3)Ohio State at (2)Indiana

ACC
(4)Clemson at (1)Miami
(3)SMU at (2)Notre Dame

CFP QUARTERFINALS
*Conference Championships*
FIESTA: B12
SUGAR: SEC
ROSE: B1G
PEACH: ACC

CFP SEMIFINALS
COTTON: Champ #1 v. Champ #4
ORANGE: Champ #2 v. Champ #3

CFP NATIONAL CHAMPIONSHIP
Cotton Bowl v. Orange Bowl winners