Isn't that what we wanted while we were part of both the WAC and the MWC? Granted, the MWC got close, but it also shows what happens if you get close -- rather than take the entire conference, the P5 teams will take the teams that "earn" their way up.

In fact, it is far more likely for conferences to lose P5 status (see the Big East), than gain P5 status. The "elite" of college football won't allow it.