If you went with a true Ivy League setup, and made it uniform across the P-5, the schools you mentioned may actually be at a disadvantage. A standardized, definitive Academic Index consisting of their two SAT scores and their high school GPA, combined with financial aid based strictly on their family's household income, would help Universities with access to kids from states with better educational systems.
Whereas the Ivys do vary somewhat in their financial aid packages, the P-5 could make it uniform across the P-5 (wrt student athletes) based strictly on financial need. Free tuition and room and board for families making up to $60,000, with rolling aid packages the higher up the income scale you go.
Most important, keep the overall Academic Index uniform and definitive among all P-5 universities. Use the Ivy method of slotting recruits based on their rank on the index. For example. At least 6 recruits in the top fourth quadrant, at least 13 more in no lower than the second quadrant, at least 4 more in no lower than the third quadrant, and 2 allowable in the lowest quadrant.
I have always liked the Ivy model better, and think Joe strived to get as close to that as he could within the parameters he was dealing with. He went with the system as it was presented to him, and his Great Experiment got closer to the Ideal than any coach in history has been able to get.
Other than a completely divested minor league facade run by outside owners, paying football players and making them "employees" of the University will get you wrapped up in court battles faster than your head can spin.