Yes, BYU saw that things were coming down the pipe that would cause BYU problems by staying in the MWC. Unfortunately, BYU thought it brought more value than it did to the new owner of the cheese...a la the Big 12. BYU overplayed its hand and the Big 12 respectfully said "No thanks." and moved on to TCU...very quickly.
BYU, realizing its mistake, though not willing to publicly acknowledge the screw up, went independent instead, and for the last 9 years has spent all of its efforts to expound the virtues of independence, claiming it wants to be a part of the P5, blah, blah, blah. Yet, for all its blustering over wanting to "be" like a P5, BYU refuses to actually "act" like a P5. Yes, BYU has its beautiful HD truck, it had BYUtv, but BYU has made questionable coaching hires, doesn't produce wins in winnable games against teams they are expected to beat, and the coaching staff is not held accountable for those mistakes.
So, I would argue BYU, through its own mistakes, lost out on the Tillamook sharp cheddar cheese it had a legitimate shot at getting and, therefore, decided to settle on stinky casu marzu cheese. Thanks.