It is a fact that BYU would have a hard time claiming discrimination due to exclusion from the P5's. In reality, BYU would be a below average P5 in academics and sports.
On the pro BYU side I will say that it is the setting that holds BYU back. What school in a state with fewer than 3 million people has done more than BYU in sports and is as good academically? Nobody.
BYU is King of the Mountain West in academics AND sports - but nationally is nowhere close to elite.