To address the uproar, this has proven to be statistically necessary in a lot of modeling systems. Our system already does this under the hood - completely determined by in-season data. When testing our model, we quickly discovered that you needed a discrete control for at least P4 vs G6 results or you tended to badly overrank G6 teams.
With so few inter-conf data points, if you don't do this you tend to overinflate teams in rather weak conferences because their domination of bad teams in-conference is very hard to account for in relation to teams showing warts in better ones.
A great example was that last year Texas Tech played no P4 out of conference. Due to dominating in-conference, they ended up FPI/FEI #6, and I believe climbed as high as #3 at one point.
But that was, generally speaking, proven a mirage in the playoffs. Their offense was not capable of scaling versus better competition.
Most all model schemes really struggle with scaling performances versus wildly disparate competition. I know Bill Connelly said some years ago he had to adjust SP+ because it was overrating G5 teams for this reason.
In our case, we look at each conference's results in OOC games, compare predicted results from the modeling data to the actual game results, and provide a minor offset to force them to better match. Without that offset, we found that the better G6 teams consistently get modeled to be more competitive vs major P4 teams (due to generally dominating their G6 competition) than was reflected in the actual games.
For example, Ole Miss beating Tulane 45-10 in the regular season gets treated as an outlier, and the playoff game predicted a good bit closer, when in reality the playoff game showed it wasn't an outlier at all and should have carried more weight (Ole Miss won 41-10).
So, yes, you do need an "inside baseball" conference rating stat to give some context for teams with dramatically easier schedules in easier conferences (and often with no P4 OOC opponents). This isn't an SEC vs B1G thing nearly as much as giving a ballpark for what being #1 in the B12 or ACC means vs the B1G.
This is an “inside baseball” type stat that won’t trump quality wins, schedule strength and record strength and what the committee sees on film. But it will put a number to answer the question: how tough is the daily grind in the each league? It’s not even equal within them.