I think the hope for a P5 conference affilation (maybe not all sports) for BYU is pinned on the disruption of how sports will be distributed in the next 3-5 years.  Examples: ESPN launching its own distribution channel, Netflix, Facebook, Hulu, etc. 

I think the market is going to become really segmented... even among types of sports... big college football fans but not as much college basketball fans will start to demand segmentation.  Are Kansas Jayhawks basketball fans really watching the football team?  Do the SEC power football programs have fans that demand basketball? 

When it becomes possible to segment sports consumption down to specific teams or sports I think the value of BYU will be hard to ignore.  Not saying they get into a P5 but there is a possibility because of the BYU fanbase.  The BYU fanbase carried the MWC channel for several years.  It died but the only reason it even got off the ground was BYU.