TL;DR: Football only, 7 permanent conferences of 10, one more with pro/rel, 16-team playoff with objective criteria, centralized media negotiation, NOT fully equal revenue among schools, private equity definitely involved, ESPN/FOX very much not on board for now, SEC/B1G also wary.
Basically, it looks like the “power” schools outside the Super-2 trying to shift the narrative, and providing a fallback plan for if the existing financial structure gets nuked from judicial orbit.
I don’t hate it either, though I still maintain that if you “fix” the portal issue, pro/rel will not serve its intended purpose in a league full of players early on their developmental curves and leaving after five years.
Interesting that the structure is also intended to provide a single entity for potential unions to negotiate with for collective bargaining.