I do not believe there is a valid reason to re-do the college divisions. I think the current system works well and there is little reason to actually change them. I think colleges are focusing too much on their athletic departments and their sports. They need to concentrate on education, that is why they are there.
This has got to be the most tired activity in all of collegiate athletics in the United States. It doesn't matter how you divide up the divisions, change the conferences, match up the schools, divide the schools. None of it matters. None of it will ever matter. You'd probably just get a better result drawing college names out of a hat and placing them in random divisions.
College divisions should not be re-divided. The current system works well enough and has been working well enough for decades now. I see no reason to change it around at all. As the old saying goes, if it is not broke do not fix it. College sports are doing fine.
The NCAA's structure regarding football and basketball are fouled up beyond all recognition in the first place. In order to untangle super-conferences with 16 teams and schools moving from one conference to another, it would take a massive re-organization of the NCAA and its policies. College football divisions are more complex with more schools moving up to FBS status. More and more basketball schools are coming up to D-I thanks to NCAA standards changing every so often. It's all a mess that needs to be cleaned up because the rich schools are getting richer while small schools simply can't keep up.