of course there is the perception of playing against better overall talent and exposure but there are downsides to those as well. A good player risks sitting the bench vs starting elsewhere.
BYU has the exposure and at least for the starters, the talent is usually good enough to compete with and or beat just about any P5 team on a given Saturday.
If the college football playoff were such that all teams had the same shot at it. (16 team playoff with all conf champions invited plus a couple at large bids etc.) Would it really matter that much to be in a P5?
Some may also point to being on a better overall talented team gives a better shot at reaching the NFL but I disagree. I think the NFL scouts find those who are NFL worthy regardless of the team they are on. As far as BYU goes they play against a good number of good to great teams every year, so the exposure to the NFL scouts is definitely there.
It seems to me the best thing that could happen for all of college football would be for the playoff to expand to the point where it was all inclusive. Recruits could then go wherever they wanted and know they still had a shot at the playoff.