The big problem is how the teams are selected. There is so much money and politics in the game anymore that it can't really be objective and unbiased. I think the RIGHT model is one that does an appropriate RPI style calculation for SoS and ranking without including subjective, biased, or past season data. Good luck getting that though. Especially with the smaller sample size compared to basketball.
Unfortunately I think the best we are going to get is an AQ model that is as favorable to the Big 12 and ACC as possible. The G6 is likely screwed. If they can negotiate only one less bid (like 5-5-4-4-2-4) I think that would be ideal for the big 12. However, I think it more likely one of the proposed models will happen with the Big 12 and ACC getting two less auto-bids. I think the B1G Commish might be intent on have the B1G/SEC with 50% of the bids. Every model he has proposed has had that.