I may be wrong in some aspects, but I have the impression the P5 is not keen on taking new member schools into the club. They were not complaining when less than a year ago the B12 decided not to expand after considering/interviewing a large number of G5 schools. Their broadcast networks were opposing B12 expansion, and the reasons reached beyond the immediate payouts that would be involved.

That said, USF and UCF could certainly succeed in P5 if future expansion scenarios swing their way.