Spence I think that's a fairly unsubstantiated claim, at best. I think how you do in your conferece is the 'best' way to size your team up, competitively-speaking.
First of all, those teams play each other every year, so there is less 'doubt' as far as how good they are. Secondly, how often do teams play against 'non-conference' teams. There are the occasional 'regulars, I think Miami, OH and Cincinnati play every year. W. Virgnia and Virginia Tech likely square off every year, so it's possible, but not altogether likely. And you are devoting as many as 4 games to teams that likely won't play each other twice in the same decade! Sorry to have to tell you, it's not likely to happen anytime soon. So, whether or not you 'like' how teams schedule, is irrelevant.
Personally, I like how teams can make their own agreements. They have 'flexibility' with respect to who they play, and when. Your proposal might work on paper, but its probably not a good idea in practice.
First, I know it will never happen because it makes too much sense, if you really want to find out who is the best.
How you do in your conference only tells you how you match up in your conference. It doesn't matter if it is the B-10 or the MWC, no one really knows how good they are until they are matched up with their peers in other conferences. A conference could have the 6 best teams in the country, but you don't know it until they match up against a team considered their equal in another conference.
It wouldn't happen because no one wants to play that many high pressure games, but it is the only system I have heard about that would give you a good representation of how good all the teams from all the conferences really are.