I really don't see a solution that doesn't involve 64 teams. 32 is way too shallow.
4 conferences of 16 teams, each with two divisions of 8.
You could either do 4 conferences of 16 teams where you play 7 division games, 3 or 4 other conference games, and 2 or 3 wild card games from the other 3 conferences.
Or 8 "divisions" where you play all 7 teams in your division every year and 5 other games. I would almost prefer this model because you would have 7 familiar teams (enough for say two rivalries) and you'd get 5 totally different games every year to mix things up.
You could do something like: ISU, Iowa, Nebraska, Minnesota, Wisconsin, Missouri, KU, and K State. Could you imagine actually being grouped by geography and having rivalries with our neighbors every year? And having 5 non-divison games would help cross-pollinate the 64-team league while generating even more money for TV deals. Lets say ISU would play the 7 teams every year, and a group of 5 teams like Arizona, Tennessee, Boston College, LSU, and Pittsburg. I would love a setup like this