If there is a separation among schools in the SEC/B10/Notre Dame, then some of those schools could be an independent. Independence probably won't work below that level, as there isn't a solid basis for a school negotiating for their own TV/broadcast agreements.You are seeing more and more people start talking that maybe being independent in football is the way to go. Chip Kelly made this point as has some prominent sports writers.
For almost two decades, people have kept claiming ND is going to have to give up their independence in football but as it stands now, maybe the question now to ask is when do all these football schools break away from conferences, leaving that structure to basketball and the Olympic sports?
Independence could be subject to change again if there is a change in how schools are selected for the playoff -- moving away from conference champions to the 12 "best" schools. But schools have to create a schedule with adequate SOS to achieve this goal too -- and the larger players have either never been independent or haven't been for at least 30 years.
PSU could pull it off, but hard to see other schools that are perenially top 20/25 schools making it work.