It will for the most part still be regionalized. With the new PAC-16. You're looking at a PAC-8 East consisting of all of the newly added teams and probably ASU and AU, and a West division consisting of the all the west coast teams.
This leaves 8 games playing all of the teams in your division (so regionally close) and 1 conference game against the other division, which would be no worse for travel expenses compared to traveling to iowa st.
The kicker is though is that people think that this will lead to some awesome match-ups between Texas, OU, and USC. The fact of the matter is that with a division set-up like the above, they'll probably only end up play once or twice in the span of 8-16 years.
On the whole, I think these realignments will move us into a playoff system with four 16 conferences getting auto-berths into the playoffs.
I'm interested in who the SEC picks up. My guess will be some ACC teams and the ACC will pick up some Big East teams. I think the PAC-10 comes out a winner though. Their new conference could be a money making machine.
I'm betting Colorado over baylor.