Murray State has applied to join the Missouri Valley Football Conference beginning in 2023. If approved the MVFC would have 12 members. https://www.inforum.com/sports/bison-media-zone/mens-sports/mcfeely-blog-missouri-valley-football-conference-appears-ready-to-add-murray-state

Murray State will join the Missouri Valley Conference, a separate entity, in all other sports (except rifle) next summer.

The article mentions the possibility of the conference then splitting into two geographic aligned sub-divisions. Can't imagine they could add a conference championship, like most of the FBS conferences do because of scheduling playoff games, but it might save on costs if you play all the teams in your division, then a few in the other division, which would provide a steady source of opponents. Easier than hunting for out of conference teams whose open dates match yours.