What should be done is to create these divisions:
P-4 Division with Georgia, Ohio State, Notre Dame, Alabama. and all the other schools that want to be in the elite P-4 division.

Division 1A with all the non-P-4 Division 1 schools. In football, this is the FCS division,

Keep divisions 2 and 3 as is.
Questions:
1. Will the 1A fans be content with not playing the P-4 schools in the NCAA basketball tourney?
2. How would this affect 1A attendance and donations?
3. Would this push some 1A financially limited shools down to div 2?
4. Would the 1A division be seen as Div2?