In order to maintain facilities, increase your brand in various sports (all while increasing your mission) then P5 affiliation is the ONLY way to do that. IF the BOT felt that P5 is without our grasp with ALL the nuances (good thing) that BYU brings then I believe BYU would of been in another conference and those funds from a G5 would of been sufficient.
BOT is thinking, hey let's sell ourselves short (because IF things really don't work out), G5 will be the VERY VERY last resort...P5 is where BYU will really increase their brand and income.