I like this, and football would be just fine

This is a good idea, and football itself would be competitive, if not superior to those listed. Of those not listed, football would be left with:
-SEC: Alabama, Tennessee, LSU, aTm, Auburn
-Big 10: Ohio State, Michigan State (perhaps on the downturn); Northwestern & Illinois would meet academic standards as allies even if football doesn't always work.
-Pac: Oregon; Cal passes academic muster but middling football
-Big 12: I think SMU/TCU/Baylor are perfectly poised for NIL, and thus pass; no idea on OU academics, but thought I remember them having a disproportionate amount of Rhodes scholars outside of football
-ACC: As you alluded, this is the odd duck with many good academic schools who are apathetic about football, but if they're part of this alliance in place of Central Indiana or the like, it's fine by me.

With Saban gone, I think I'd take your field over the rest for football, and hope Drinkwater is up for the job!