If there was going to be any sort of "podding" they'd probably have to kick Nebraska to the one with USC and UCLA in it. Question is would Iowa or Illinois/Northwestern join them.
USC/UCLA/NEB/IOWA
MINN/WIS/MICH/MSU
NW/ILL/OSU/PUR
IND/PSU/MD/RUT
Give each of the "big boys" their own pod, guarantee there's an OSU/Mich game every year and Penn State can stop complaining.
What it actually looks like is anybody's guess, and I'm not even sure I like this one. The only old rivalries not protected are the Old Oaken Bucket (IND-PUR), Floyd of Rosedale (MN-IA), and the Heartland Trophy (WI-IA).