I can't agree with this statement...Notre Dame is not nearly as big of a deal as ESPN and everyone else makes them out to be. They've been pretty pedestrian for a while now.
Since the 2005 season, their record is 35-27 (not counting this year's 4-3). Arkansas's record over the same 5 seasons? 35-28 (again, not counting this year's 4-2 start). Add this year's record, and the teams have been exactly identical for the past five season, except Arkansas has one more loss.
And I don't think there's any doubting that Arkansas' SEC schedule has certainly be tougher over the past five seasons. They've played the future NATIONAL CHAMPION in 4 of the 5 seasons. The 1 season they didn't play the future national champion, they played USC in 2005 when they lost to Texas in the national championship game.
You don't "lose the rivalries." The three rivals that are in the Big Ten are automatically scheduled for you. The other rivals remain schedule-able (and continue to be rivals) through custom schedule. If you play with Notre Dame as an independent, you still have to custom schedule your rivalry...and the game doesn't necessarily automatically schedule ALL of ND's rivals.