What they should do and they won't because of the money the money/peanuts they get from the P5, is tell them to go on their merry way. Go have your own March Mayhem tournament. Figure out how to have a hockey championship with 10 schools. Run all of your own tournaments, and we will stay right here doing our own thing with FBS. The schools left behind then create their own highest division of Ahtletic Departments with budgets of at least 40 million, do pay for play, provide some sort of revenue sharing. In other words, help each other out and grow, and let the hypocrites continue to tout an amateur model where top coaches in revenue sports make more than a lot of their professional counterparts.
The P5 is essentially saying we don't want to play anyone but ourselves in football, the other schools should say go ahead and do the same in hockey, in soccer and every other sport and see how that works for you.
It won't happen, because football revenue drives the bus, but it is the only little bit of leverage the rest of the NCAA has on the P5.