Woke and cancel cultures are so prevalent today, that it seems impossible for BYU to be invited to the P5 in today's environment.
Some years ago, there were rumors swirling around that the BIG12 was going to expand to 12 teams and that BYU was one of the top candidates and although the rumors never even materialized, there was a campaign of sorts and outspokenness to prevent BYU from being included in the BIG12 due to LGBTQ+ campus policies and such. Even if we go farther back when the Yewts were invited to the PAC12, there was suspicion that the PAC12 didn't invite BYU (by far, the most obvious candidate if you're taking the Yewts) due to supposedly being a cultural misfit within the conference even though the conference heads would never explicitly admit it. If there was outcry a few years ago with mere BIG12 rumors, I think it's plausible to say that the outcry would be far greater today. I would even bet that some "woke" BYU students will speak out against their own Alma Mater's elevation into P5 athletics.
Heck, look at what Baylor did to Ryan Pugh for something he did like 10+ years ago as a teenager at some random Halloween party. What Baylor did could potentially ruin Ryan Pugh's coaching career forever. To the merciless mob, it doesn't matter that Ryan has a family of his own to take care of.
Perhaps, the only hope BYU has is that the woke and cancel culture would die down.