If the window is closing on conferences as many suggestion, then is BYU a G5 or P5 team? Right now, they are playing at the same level as Nevada, UCF and Utah State. That suggests that the long run of the current course is joining the MWC and AAC, since Indy is not viable long term.
A losing season in Indy would be devastating, since it would mean no bowl revenue at all for the season. BYU could afford to much around in a conference finding itself. Indy is such a risky state that continued mediocrity or worse could be fatal to the program and to other BYU sports depending on revenue support.