It makes perfect sense to the P5.

Remember, they never wanted to have a playoff in the first place. They fought that for years. When they realize they were losing the battle, the relented.

But in doing so, they got rid of one of their own (BE/American), removed the NCAA from the process (the contract does not include the NCAA, in fact it doesn't even mention it), made it nearly impossible for "BCS busters" to make the playoff and doubled the revenue they used to get from the BCS.

They gave us what we wanted. In return they gave themselves more money and, what is more important, a great deal more power.