Conference affiliation, though important for TV revenue, would be much less important if you are one of the handful of G5 programs earning a playoff bid on a consistent basis. Playing on that stage frequently would elevate you above a majority of P5 programs who will never sniff that opportunity. Right now, you can basically pick all 5 P5 conference champs from a group of about 20 schools each year. This century, here are the teams in each P5 conference with multiple outright conference titles:

ACC: Clemson, Florida State, Virginia Tech, Miami (Big East)
B12: Oklahoma, Texas
B1G: Ohio State, Penn State, Wisconsin, Michigan State
P12: USC, Oregon, Washington, Stanford
SEC: Alabama, Auburn, LSU, Georgia, Florida

Other than these 20(ish) schools, BYU would likely be appearing in the playoff more consistently than the vast majority of the other "power" teams. Can you imagine if BYU were to play in the playoff a couple of times before Utah ever got there? How would that impact recruiting? Would recruits still choose run of the mill "power" schools over elite G5s that actually make the playoff? This scenario would give schools like BYU, Boise, UCF, Houston, etc. a lot to sell in recruiting.