You think the P5 conferences get together and vote on membership to their club?
Do they share their money between each other?
If a conference wants to “become” a P5 there isn’t a committee they apply to. They need to get automatic access to the NY6. The P5 conferences have that, the G5 don’t. That is the one difference that all the schools share.
BYU makes more money, has a bigger fanbase, and enjoys more success than several P5 schools and yet we aren’t a P5. Because we don’t have automatic access.