A bit. The point is that the P5 is big enoughh to support a tournament.
The NCAAs surplanted the NITs qnd the world moved on. After a split they'll overlap for a while but for all the love of the underdog people want to see the best teams compete. I don't share your confidence that a split won't happen.
It wouldn't surprise me to eventually see a split - though I'm skeptical - but I think if there was one, you're looking at more than five conferences branching off (how that money is distributed between the conferences is another question).
Football is obviously paramount, but at the same time, it is way different than basketball. In football you can get away with having the northeast underrepresented within the power structure because the northeast doesn't produce a ton of football talent. You can't alienate Boston, Hartford, New York, Philly, and D.C. in basketball because there is a larger concentration of talent there. Practically, it doesn't make sense, even if many of the schools in the northeast we're referring to are smaller, catholic schools. Perhaps the once big dogs like Nova and Georgetown and St. Johns become the Cinderella's, but I think imagining a world in which they are neglected entirely is overstating things.
And I'm just spit-balling here as somebody who knows way less about this thing than some others...but while nostalgia and spirit frequently yield to money, it is more difficult to make that accommodation when inclusivity and novelty are so deeply imbedded in the way the product is advertised. The charm of March is that any old Joe who attends a school in rural New Hampshire can bask in a few moments of national attention for a couple days, and that anybody with a sister who goes to one of the 700 schools that compete in D-1 basketball can find them in a bracket and advance them to the final four. If the P5 hosts their own tournament, basketball fans will watch. The current model reels in a lot more eyeballs than that.
The P5 will very likely split from the NCAA, and they will very likely retain a radically disproportionate amount of the money that any tournament makes. To me, though, that is very different than abandoning the current D-1 basketball model completely, which is what some of you seem to be preparing for a degree of certainty that is unwarranted in my opinion.