Conference prestige is an issue, prestige should be tied to each team's success and I understand the need to have some baseline, but I think the current system is too reliant on baseline levels.
Recruit generation is an issue too. There need to be more mid-level players available so a mid-major who creates a team geared around upperclassmen might be able to compete with your typical Big 6 school that has a bunch of players who are awesome as freshmen.