If I had to guess, the P6th conference would be a merger between whatever schools in the current G5 want to adopt the new rules. I would guess that those schools would be some sort of combination of: UCONN, BYU, UCF, USF, Houston, ECU, Cincinnati, Memphis, SMU, Boise, SDSU, Colorado St?, Utah St?, Fresno St?, Temple?, Navy?
Allow me to channel my inner-HFD...
Conference Name: Power 6 Revenue Sports Conference, aka The RSC. Conference fans can chant "Money! Money! Money!" to counter those "SEC! SEC! SEC!" chants. Money always wins in college sports.
Football:
Split 16 conference members into 2 divisions of 8 schools each.
East: UCONN, UCF, USF, ECU, Cincinnati, Memphis, Temple, Navy
West: BYU, Boise, SDSU, Colorado St, Utah St, Fresno St, Houston, SMU
Each football division team plays each other once (rotating home games each season) = 7 games
Cross-division games are set up to rotate to play a team every 4 years (alternating home games years) = 2 games
Allows for up to 3 OOC games
Championship Game played on a rotation of Philadelphia, Tampa, Houston/Dallas, San Diego
Basketball:
Same divisions as above. Divide into 4 Pods.
Northeast: UCONN, Temple, Navy, Cincinnati
Southeast: ECU, UCF, USF, Memphis
Mountain-Central: Houston, SMU, Colorado St, Boise
West: BYU, SDSU, Utah St, Fresno St
Play each Pod school on a home and home every season = 6 games
Play 1 game against each other pod (alternating home games every season) = 12 games
Rest OOC scheduling
Conference Tourney played on a rotation of Hartford, Philadelphia, Dallas, San Diego
TV market exposure (I'm not saying the RSC will dominate these markets...just have reach into them): NYC, Boston, Philadelphia, Baltimore/DC, Houston, Dallas, Orlando/Tampa, Denver, San Diego
Football Recruiting: PA/NJ, OH, Mid-Atlantic, FL, TX, CA
Basketball Recruiting: Not quite as important but would have national reach
Academics: Not great but most schools have large enrollments (why Utah St, Colorado St and Fresno St added) and room to grow.
Olympic Sports: every man/woman/school for itself
Of course, we can all debate who would make the Top 16 cut but I would think that it would be important to merge the "best of the rest" to try to maximize TV revenue.