Here's my take for what it's worth.
The FBS Power 2 will likely break off from the NCAA (similar to the NAIA). When I say power 2 , I'm referring to B1G and SEC similar to the NFL AFC and NFC. This will leave a watered down field of conferences that will be the current defacto version of the FCS. These teams will participate in bowl games but the power 2 will take the Major New Year's Day Bowls and rotate them for their 12 team playoff.
The NCAA isn't going to allow the formation of another FBS conference, so you will have to be invited.......and that's exactly what many of the teams in the East Coast have done.
There are something like 132 teams in the FCS, but who is left that can really compete? Georgia Southern, Appalachian State, Coastal Carolina, JMU and now Delaware are leaving. That means that Villanova is the only CAA member that can compete and Maybe Furman in the So Con. The OVC lost Jacksonville State and took the least competitive MVFC Teams.
So who's actually left to compete for a national title? The MVFC and the Big Sky and that's it. Maybe the SWAC on a long shot but only 1 team per decade.
As I've said before, we are way better than 90% of the FCS. It's not crazy that the MVFC got 6 bids, the competition just isn't there anymore. There are more teams like NDSU and SDSU looking for an invitation to an FBS conference (like the Mountain West).
A lot of these teams are just making the jump without an actual fit (i.e. Delaware). There's so much disparity in the FacS today as well. We have teams in the NEC with 45 scholarships that can be beaten by D2 and NAIA teams and still get an autobid into the playoffs. Then you have teams like SDSU this year, who could beat every team in the Sunbelt, American Conference and half the B1G. In fact, I would argue they could potentially win the B1G West.....and there's evidence to support that; last year SDSU wasn't as good and played Iowa. They lost 7-3 at Iowa but Iowa didn't score a TD. They got 7 points with 2 safeties and a field goal. SDSU is built like a B1G team and they're drastically different from the bottom of the FCS but the same goes for YSU. We could beat many FBS "in name only" schools.
So the FCS is going to be a 2 league division (when it comes to competition).
However, at least for some period of time, teams like JMU that have made the jump will be able to make the 12 team playoff against the legitimate contenders in the FBS because they will take the best team from the group of 5. That may be why a lot of these teams want to go. (That being said JMU isn't eligible for bowl games or playoffs yet). My point is that there's national attention and notoriety given to the teams that can compete and these schools want the national spotlight.