That's a really, really interesting thought. And a very interesting conference. Has a conference ever split two divisions before?
No, it would be a first.
The CAA long lamented losing members to FBS and the lack of CAA stability. The previous CAA commish did consider FBS options and tried to find solutions. Old Dominion, GA State, UMass, and ECU are former members that moved up to FBS.
The CAA had some thoughts of having part of its members move up to FBS en masse. The old rules did not allow this - for a team to move from FCS to FBS it had to have an invite from an existing FBS conference (see UConn to the Big East or UMass to the MAC). This all changed with Liberty challenging that rule and setting a precedent to move up directly as an independent.
Liberty breaking the mold sets the possibility of the CAA scenario. JMU, Nova, and UD could move up together as independents, and then form the FBS division of the CAA.
In addition to bringing ODU and UMass back, Marshall and App State might find the CAA a better fit. ODU is a JMU rival.
Army would be to the CAA FBS what Navy is to the AAC. It would provide a rational league schedule with room for 3 out-of-conference games including the Army-Navy game.
The CAA would still have an FCS division:
Stony Brook
Elon
New Hampshire
Richmond
Towson
Maine
Albany
Rhode Island
Wm & Mary