While this may be geographically rational (and I am a geographer) and serve to reduce travel costs and time, it is an irrational plan in that it combines institutions of vastly dissimilar missions and athletic philosophies into the same conference. Imagine Michigan, MSU, and ND playing road games at the directional Michigans every second year.
A better idea might be to try to improve the geographic rationality among the P5 conferences (where the institutions basically have similar athletic aspirations) and among the G5 conferences to eliminate the strange geographic outliers like WVU and Idaho.
I'm all for institutions reducing the costs of running their athletic programs but this is clearly not the way to do it. The universities, as a group, should explore other avenues, including limiting coaching contracts to 2 years across the board to eliminate the long-term payouts to fired coaches, which IMHO are a much bigger threat to the future well-being of college sports than the current geographic alignment of the 10 D1A conferences.