History. That's the only reason they are a P5 program.
The State of Iowa is projected to have a population of 3.5 million in 2050.
The State of Utah is projected to have a population of 5.4 million in 2050.
The LDS Church currently has 16 million members. By 2050 it is projected to have 20 million members. Let's say that only 10 percent of the church are BYU fans. That is still 2 million people.
The bottom line....BYU represents a much bigger market than Iowa State and will grow proportionately bigger over the next 30 years. Yet, we are not part of a P5 conference. Go figure. Iowa State is part of the cartel, but it's not because of performance. The same could be said for a myriad of other programs. The only reason they are P5 is because of history and tradition. Time to break up the cartel. Maybe they should have designation like the Premier League does. If you don't perform in terms of attendance and revenue, you get designated to a lower conference. Orrin Hatch, earn your paycheck.