Than they currently are as independent. Right now, while they aren't P5 status, they are considered to still be above G5. Even the ACC and SEC basically admit that by feeling they have to say BYU does not count as P5 -- they wouldn't say that if BYU was considered G5.
The amount of talk about BYU at the Big 12 and PAC12 media days reinforces that BYU is better than G5 status.