I doubt that this happens. First of all, you need consensus, or at least a simple majority. I could see why Ohio St, Michigan, Penn State and USC might agree with it, but why would UCLA and Washington and Nebraska and Iowa and Minny and Mich St and Wisconsin and Illinois and Purdue and Rutgers and Maryland agree to it? They would be voluntarily demoting themselves.
Secondly, all of our heavyweights appear to be happy with the status quo. You never hear a word from Ohio State about unequal revenue sharing. I understand that FSU and Clemson are squealing about it in the ACC, but that’s because the their TV contract is so pitiful.