The amount of teams that go to bowls is greater than the amount of P5 teams. Independently operated bowls won't want to stop existing without G5 teams. The top FCS teams won't want to have to compete with UCF, Boise State, App State, Memphis, and whatever other G5 schools stand out some years. Looking at conference revenues for all sports combined, it would be good for the CAA if G5 conferences decreased their Football revenue.

How many athletes would get endorsements or other ways to profit? Even on the Number 1 team, will the tenth best player make much money? How many pro teams have at least ten players with significant endorsements? Out of thousands of P5 scholarship athletes, what percent of money would go to players outside the Top 100 highest earners? What percent of money would go to athletes who consider themselves too good for G5 with or without being able to make money in college?

Some athletes care more about academics than others. It's bad for academics if players who already miss time traveling to sports spend time at for-profit appearances rather than studying. If that led to schools being punished for poor APRs, it could backfire.

This could lead to coaches lying about how much money current and/or former athletes made to impress recruits.

Athletes could be targeted by thieves. There could be threats like "I know where your dorm is and you have to throw this week's game or I'll break in."

There are some consequences that it's impossible to know in advance.