It IS too bad. Not only was it more interesting (to me anyway) when you had 5-6 major conferences, but in both football & basketball you had your occasional cinderellas from CUSA, the MWC, Mid-American, A-10, wherever. I think that's the spice that makes college sports what it is, but with the current structure they may wind up being little more than developmental incubators For the AFC (SEC) and NFC (B10).
Things certainly do change. Whether it's evolving or devolving, I don't think that chapter's been written yet.