While your points have merit, the best frame to view this question is in what makes a better P5 candidate.
Flailing around in the mediocrity of Indy or being 5-0, ranked #19 and have the possibility of Conference Championships and NY6 games?
Our brand and program was built on playing in the WAC, that brand is nearly dead to anyone under the age of 25 (that aren't born and raised BYU fans). We've got to build it back up and Indy has proven to not be that method.