If they can add BYU + some top tier G5 schools and then add some existing P5 schools like Arizona and ASU, Colorado, etc. it would most definitely remain P5.
The biggest problem though would be that BYU would likely take a scheduling hit going to the B12. With where our schedules are lining up and getting to play a couple big name programs every year mixed with mid to low level P5’s and then fill the remaining slots with top G5’s and etc…? That’s a manageable and respectable and fun schedule.
The pros of Oklahoma and Texas leaving is that it would make the b12 more competitive and winnable - about where the MWC was as far as how competitive BYU would be for a conf championship year in and year out.