It cannot get much more exclusionary. Witness the discuss about BYU. Even if they go undefeated they are not being conidered for the play offs. Who controls the SOS for non P5 teams? . . . check out what SEC did to us by declaring us as no p5 worthy. I think the P5 needs to lose their amature status and be accountable as a pro organization both in laws and in taxes.
It also exluces some states from sponsoring big time athletics. It forces their state citizens to go elsewhere to compete at higher levels.
I am not a lawyer but it couldn't be more obvious to me. Its one reason I admire Boise Stte, they spoke out about this a couple of years ago.