For all the complainers about 1 loss meaning the season is over, that's no longer the case under the proposed system.
If BYU has a solid season and after a few quality losses, with a few quality wins, they could find themselves in the top 15 with a schedule like this 2021 looks to be. That is a much better position to be in than where we are at currently vis-a-vis the playoffs.
There is no guarantee to be a favorite to get a conference championship in a P5 conference, nor in the AAC necessarily year-in and year-out.
Obviously, P5 would be better for other reasons (money and recruiting). But my point is that even if BYU stays Indy, it's still better than where it's at now, and better than G5, IMO.