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Since the question is posted in "College Football"
As of 2012 there are a total of 124 (120 full members, 4 transitional) teams.
The newest members:
Massachusetts Minutemen
South Alabama Jaguars
Texas State Bobcats
UTSA Roadrunners
Three new members making the transition:
Georgia State Panthers: 2013
Charlotte 49ers: 2015
Old Dominion Monarchs: 2015
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