This year's team is the goal for BYU. A team that can hang with most CFB teams. Outside of the top 5-7 teams, I don't think BYU is completely outclassed by any other teams in CFB. It is also OK for there to be some up and down years. But a 2-3 loss year in an up year is not out of the question, as this year's team shows.
It also depends on which P5s. I am OK scheduling down a little within the P5 realm. 3-4 big names and 2-3 lesser P5s. Not every big name is good every year. Just because they are have a big name, doesn't mean an automatic loss for BYU, like Mich St., Wisconsin, and USC.