Pete Thamel and Dan Wetzel with a good summary of what this might mean for scheduling, etc. Details are still vague and it seems a bit unwieldy to manage:

"With 40 different schools, three league offices and multiple television partners stretching from coast to coast, a consensus on significant issues may be difficult to reach." Uh... yeah.

But on the bright side, just from the Virginia Tech perspective, it sounds likely to lead to regular season games vs teams from these leagues. Personally, I wouldn't mind watching the Hokies finally take on the likes of Michigan, Oregon, Washington, etc.