Given that Wyoming has been a founding member of two conferences, I suggest there's another way- recruit other (preferably high-achieving) G5 programs, and, perhaps some FCS programs, and preemptively spilt from the NCAA and P5 FBS. Use an FCS playoff model as your cornerstone, create an oversight organization with real teeth, push TV and donor money into a clearinghouse model, make leaving for a P5 a one-way valve while marketing to P5 players...
It's a big project, not guaranteed to succeed, but, long-term, it's probably the best shot the G5's (and maybe some of the doormat P5s) have a football future. There is strength in numbers, and the G5 (+) holds that advantage.