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I would debate it’s also important to Michigan and PSU. OSU, even if they lose 1 in conference play are still in the CFP discussion.Getting rid of the divisions is going to mean a lot of teams will lose support because they'll be out of the race for any significant awards early. At least, with the divisions they have, teams like Iowa can look to a possible Western Division championship and a chance to play in the conference championship game.
That doesn't sound important to teams like OSU, Michigan, and Penn State, but to the teams in the West, it's damned important.
If they eliminate divisions, it's to kiss the arses of the top 3 so they will quit whining about not getting to play in the championship, even if they believe they were better than a Western team.
They still will play a “title” game I would assume, top 2 teams. Don’t know what the TV agreement is with Fox but doubt they would be happy losing a Sat Prime window.
The bigger question is will P5 conference go one extra conference game?