in this scenario (requires some suspension of disbelief but bear with me):

Imagine that, somewhere in the not so far future (maybe 5-10 years from now), a few more academically focused current P5 members decide they've had enough of trying to keep up in big time college football (coaching salaries continue to skyrocket, players are being paid and acadamic standards for players have completely gone out the window, etc.). They decide to form a football only conference with some current "like minded" G5 schools, as well as the service academies. The new conference looks like this:

Northwestern
Purdue
Vanderbilt
Wake Forest
Rice
SMU
Army
Navy
Air Force

In order to get to 10 members, increase their footprint, and to have a western traveling partner for Air Force, they decide to invite BYU (who is still independent).

At the same time, the Big 12 finally comes calling for BYU. By this point, even Big 12 bottom feeders (e.g., Iowa St., Kansas, etc.) are paying coaches 3-4X what BYU is paying.

What do you think the BOT would elect to do in this situation?

Join the new league, join the Big 12, stay Indy (assume they've renewed their ESPN contract), or drop football?