1. Majority of our P5 games are against strong P5s.
2. 38% against P5 is not what a bad P5 team does. A bad P5 gets <10%. BYU would solidly be in the middle of the pack. Far better than the bottom-dwellers (Rutgers, Vandy, Kansas, etc.), but not in the elite category either (Ohio St, Alabama, etc.).
3. If you throw out rivalry games, we're winning about half our P5 games, which is great considering how we tend to schedule tough P5s.
4. Majority of these games are on the road, I would assume, because we sometimes schedule 2-for-1s, or one-and-dones with these teams.
5. And you can't discount BYU's P5 victories because many are against the bad P5s. That's the same for any team, even very strong P5s.

Also note that if we were in a conference, we'd have 50% of our games at home, we'd get better visibility and media respect, and better recruiting — which will lead to an even greater winning %.