I'm probably in the minority here, but the more I think about it, the more I like the idea of ditching divisions and assigning each team two or three protected games. Rotate everyone else through.
I'm assuming between Nebraska, Iowa, Minnesota, and Wisconsin, each would play some combination or all of the others.
I'd assume that the two Illinois and Indiana schools would play some combination of each other.
Same for both Michigan schools and Ohio State.
Where it would get tricky is with the three East Coast schools. Penn State, Rutgers, and Maryland are going to want to play each other but Penn State could have an advantage over Michigan and Ohio State in difficulty of schedule. If you have three protected games they could get MSU to even things out but that would be rough on the Spartans. Not sure how you'd work that out.
Each team would rotate through your schedule every couple of years so instead of us playing Ohio State most of the time while Iowa gets it easy, things would be more equitable overall.