I think it might have been someone on this board itself, but having a red and non-red division would have been a lot more balanced than the cockeyed situation they have now. OSU and UM are far and away the premier teams in the conference, yet will never face off in a title game - as someone who does not like the conference, I like seeing one left out, but if I were a conference fan I'd be pissed - and Wisconsin is currently the only West team that has been good the last decade or so.
Under the current system
-OSU, UM: historically elites
-PSU, MSU: historically top tier or very close to it
-IU: bottom feeder, but like Duke, basketball helps
-UMD, Rutgers: don't fit at all, but massive media markets
-Nebraska: historically elite, although recent years (sadly sounds too familiar) are closer to UW/Iowa than OSU
-Wisconsin, Iowa: pretty good school that has been perhaps the biggest beneficiary of the division system, and another one that has been decent. On balance, perhaps just behind PSU/MSU?
-Purdue, UMN, Illinois, Northwestern: meh
With the red & non-red:
-Nebraska, UW: pretty strong
-IU, Maryland, Rutgers, Minnesota: strong basketball for the first two, massive media market (it inexplicably brings in money even if no one in NYC actually cares) for the latter, and a flagship state school that has to be put somewhere (seems like UW-UMN could be a rivalry too?)
-PSU, MSU: top tier (also keep the UM-MSU rivalry)
-Iowa, Northwestern, Illinois, Purdue: decent recent record; massive media markets (although Chicago is very split between ND and the other Big Ten schools too), and another school that has to be put somewhere.
OSU and UM would be split, both sides would have a flagship school balanced by at least 2 respectable programs, and you'd have a lot more balance than what they currently have.