I like this idea, I would swap AAC and Sun Belt though. Seems more natural that way.
Do that, and give bids this way 2 each to SEC/B1G, 1 each to the rest and 1 to the G5 as a total. (8 total).
I was originally going to say the same format above, AND 1 in for each G5, give the top 4 week 1 bye (12 total). Then award payouts by final finish rankings. Obviously SEC and B1G would be getting more since 2 in each. Everybody wins