I think I've posted it before, but here is what I think: basically split the two divisions in half and cobble them together. Then, pit all the arch-rivalries cross-division. Five in-division games, one locked cross-division game and two rotational games in two-year sets:
Div 1/Div 2
Colorado/Nowledge U.
Okla St./K-State
Oklahoma/Texas
Texas Tech/A&M
Baylor/Iowa State
Mizzou/Kansas
That would balance things out more and save all of the rivalries, as they would either come from the same division or locked in with an arch-rival. Baylor-ISU is really the only two teams without a true rival in the league, so they are the remainder. Sorry!
But with that setup, it should normally ALWAYS guarantee two competitive leagues, as OU and Texas are always good, CU and NU SHOULD be good most years and then Mizzou and KU have been good recently and they're split as well.
For the most part, this conference isn't too big in terms of travel aside from us. I think it could work and if it was already in this setup, I contend that there wouldn't be as much griping about things because the league would be better off.
I don't foresee the North schools ever truly competing all the time with the South, so it's got to be mixed up. And hey, a CU-NU title tilt would be great!