In order for this to work, there has to be a net gain in viewers.  

What viewers are lost? People who only watch football b/c their team is playing or b/c the outcome of the game they are watching has an impact on their team.  There are definitely people in this category.

What viewers are gained? This one is a bigger mystery to me.  Who are the people that don't watch College Football right now that would say, "Wow! Now that the SEC/Big10 have created their own league, I'm definitely going to watch something that I never would have watched before".  Unless this is a meaningful number, I think the "lost viewers" group is going to dwarf this group.  People that are NFL fans but don't watch College Football are not suddenly going to switch.  People that don't watch football at all are not suddenly going to develop an interest.  So where are the new eyeballs they are going to pick up?

The closest comparison I see (and it's not totally perfect) is March Madness. I remember when Michigan State and Magic Johnson played Indiana State and Larry Bird. That game was on tape delay.  But then the NCAA began to expand the number of teams invited and grew the pie.  People that didn't care about perennial powerhouses like UCLA, Indiana, Kentucky and UNC suddenly found a reason to care when Weber State, Farleigh Dickenson, Saint Peter's, Coppin State and Richmond would win an occasional game.  There was something electric about the little guy having a chance.  And even if they didn't win that often, it brought eyeballs and attention to the game.

What is being proposed is the polar opposite.  Contract the size of the tent.  Exclude more teams.  Alienate more fans.  I struggle to see how this is a long-term sustainable plan that is going to not just ultimately kill both fan interest and player participation in football.  There might be a short-term gain, but I don't see that it's sustainable for long.  Especially with large parts of the country (the entire Northeast for example) with limited rooting interests.

The teams in the Superleague might have a short-term windfall as they consolidate $'s that were spread over more leagues into their own pockets.  But the overall value proposition over time is going to shrink and leave the dead carcass of what was College Football rotting in Tuscaloosa, Ann Arbor and Athens.