Is not that we aren't P5 material, we are, if we were in any of the conferences we wouldn't finish last place. What we really aren't is top tier P5 material, we aren't a Washington, or a Wisconsin, or Alabama. We are more like a Purdue, or Kentucky (maybe not last year) or a Arizona. It would take a miracle year to actually beat the big dogs in a P5, but we would certainly beat multiple teams every year. The gap inside P5 programs is very large.
So with that said I still like independence because while we would undoubtedly have more wins in a G5 schedule, we wouldn't have a bevy of quality opponents that we get every season. And because we play such a good schedule we have a technically higher ceiling than any G5 program, we might never actually attain it, but it's there if we ever get another miracle season, and it's a more fun schedule during the season