It is the BoT that makes the call, period. I wonder if they would even want to join a P5, TBH.
Anyway, we're not getting into a P5. The only options that make any geographic sense don't want us-- P12 because of religion, B1G for academics (and probably religion too), and B12 for-- aw, who the heck knows why? maybe religion, maybe doubts about $$-- but it isn't happening.
And if the BoT likes the exposure of Indy, I don't see us in a G5. So here we go. I expect a long slog through Indy.