The college football teams in Colorado wouldn't see any change if this solution came to fruition. Over at SB Nation, Jason Kirk has developed a relegation system for college football and it's pretty much what one would expect. This scheme is broken down into five columns with seven tiers.
↵The Pac-12 is one of the five Tier 1 conferences, which means the Colorado Buffaloes are at the highest level of college football. After that, the Air Force Falcons, the Boise St. Broncos, the Colorado St. Rams and the rest of the Mountain West are the Tier 2 conference. Boise St. would have the best chance at moving up after the first year.
↵Northern Colorado, Montana, and Montana State all occupy the third tier as part of the Big Sky Conference, but the Montana school seem like good candidates to move up quickly.
↵Beyond that, it's doubtful we'll see Mines or any of the other schools from the Rocky Mountain Athletic Conference move from Tier 5 to Tier 4 and beyond in a swift fashion. Maybe the move to Tier 4 could happen early, but it'll be a hard fight to move farther up the tier system.