Having said that a I fully expect BYU to be left out of the P5 for good. The only exception is that if BYU can have a special season or two between now and when things are renegotiated (which is unlikely). What then should BYU do.
I think the bigger question is, what's going to happen to the Big 12. I still think it's days are numbered. The only chance the big 12 had is to peel at least one of it's former members back to the fold (Nebraska?). This is still doubtful.
What I see is schools like Baylor, Kansas State, TCU, Iowa State and either OSU or Kansas, being left out of the reconstituted P4.
What then? Can BYU bringing Boise State and a couple other MWC schools and an AAC school or two passing with the dregs of the Big 12 and be a competitive conferences that can garner a bigger TV contract than what current G5 conferences are getting?