Fun fact: In 2014 (presumably) there will be 64 teams in five different conferences.
The whole 4x16 thing was based on the presumption that there would be 64 teams leaving the NCAA and starting their own association.
The assumption was the consolidation was the future, and conferences would become larger. We'd get a playoff.
Well, it was true. Consolidation did occur. The Big East essentially died. UConn, USF, and Cincy were left behind. Utah and TCU (due to their success at the mid-major level) took their place. Most conferences did become larger. The Big Ten added three, the SEC added two, the Pac-12 added two, and the ACC added four. We got a four team playoff with a preference for conference champion.
All of that stuff essentially came to pass. No one left the NCAA, and we don't have 4 super-conferences, but the end result is, essentially, what they said it would be.