If conference invites are out for online dynasties, I'll most likely have two dynasties I play: one online and one offline.
Offline - On of the things I like to do is start with a small/cupcake/HORRIBLE teambuilder-created team in a small conference and work my way all the way up to a 5-star program in a major BCS conference (may try starting in the Sunbelt this year rather than the WAC). So if single-player online dynasties can't get conference invites, than I'll have to do this offline.
Online - However, an alternate that I might do (or do along with the offline dynasty), is to TeamBuilder a team in a major conference like Washington or Oregon State, and make them a complete HORRIBLE team (cupcake, as low as I can possibly get on all school ratings, etc.) and keep them in the Pac 10. Then I'll rebuild from there. Should be an absolute nightmare to recruit given the changes this year but could be a really fun "project" to turn them into a powerhouse (perhaps even more hard than the offline version above that I do now considering who your conference games are against).