opportunity? Why would a school like SJSU or Hawaii want to be rewarded for investments in athletics? Do we really have to answer why every school currently excluded from the P5 would want a shot to promote into the P5?

Maybe your argument is that the commissioners of the MWC might not be happy with a relegation system? First off, why do you assume conferences like the MWC would continue to exist in a relegation system? They could be dissolved and wholly affiliated with a Tier 2 of one of the remaining super-conferences. I'm sure hair Thompson wouldn't like that, but all of his constituent schools would. But let's pretend the MWC does remain intact, a possible permutation for sure. You really think Hair Thompson would be sad to give his best schools a chance to promote each year with the prospects of picking up a UCLA, USC, or, to use your example, Arizona after a really bad year?

You ask why a school like Arizona would agree to a system that has a 1 in 12 chance (8.3%) of relegation? Let's pretend that Arizona had to subsidize the athletics program by $8,965,277 (this is from the 2014-2015 athletic year - I couldn't find data for the '15-'16 year published yet). If a new relegation program generated more meaningful games (it would) which netted more schools profitable opportunities to sell tickets (it would) and TV networks more opportunities to sell advertising (it would), this system would generate more money. Notice, if there is more money, this would already be attractive to a school that can't currently support itself like Arizona (and the state taxpayers). Notice, there would be a 91.7% chance they don't relegate at face value. But you could, and likely would, stack the deck even further in favor of the current P5 schools. The worst P12 school, in your example, Arizona, would not play in a bowl game normally. So the best Tier 2 school could play a post-season game vs the worst P12 school, winner goes into the Pac 12. The game could be played at the existing Pac 12 school, in this case, Arizona would have another bowl like home game that would be very meaningful. If that were the case, there would be some seasons where there was no relegation at all.

Please don't misunderstand me. I DO NOT THINK A RELEGATION SYSTEM IS COMING IN MY LIFETIME TO NCAA FOOTBALL. I am only saying that it does make sense and would be awesome. But the cash cow keeps producing cash and the powers that be won't change it radically any time soon because they don't have to.