This was tossed around in the late 1950s, after the implosion of the Pacific Coast Conference and before its members reassembled to form the Athletic Association of Western Universities (AAWU), which was later renamed the Pacific 8 (then 10, now 12). As I recall, the conference would've included ND, USC, UCLA, maybe Cal and/or Stanford, Air Force (what would an "Airplane Conference" be without them?), Penn State, Pitt, Syracuse, Navy and maybe some others.
A modern version might include ND, USC, UCLA, Cal, Stanford (those 4 would likely stay together at almost all costs), Texas, Oklahoma, Oklahoma State (probably couldn't get OU without OK ST), Air Force, Navy, Florida State, Clemson, Miami and Georgia Tech (or 12 of those 14). It's an unrealistic fantasy, but it's sure as hell more fun than talking about the ass-kicking we're going to suffer in 3 weeks.