Will be interesting to see how it all transpires. Once FSU / Clemson announce if ESPN comments that the composition clause will be enacted, the threat of a media payout reduction could certainly cause other schools to attempt to bail. There has been some smoke that major $$$ UNC boosters, who allegedly carry more weight than the BOG, have met and are very much in favor of moving to the P2 in the interests of what is best for UNC. If UNC announces a departure, can UM be far behind?
It's a very complex calculus right now.
On one side, you have "well, we don't want to get 'too big' by conference and potentially dilute our time slots and revenue share" that leads to the idea of "conservative, slow growth" on the part of Big 10/SEC decision-makers.
On the other side, you have a desire for the networks (and scheduling etc.) to have some amount of certainty, and for all of the game-playing to be over, assuming the networks pony-up with the knowledge that they have secured "enough" of the best teams that there is no real "third-party conference" that will ever be able to reach an equal tier with the P2.
In the mix are issues of NCAA vs. stand-alone football governing body, paying the players as employees, and revenue-sharing, not to mention how/if NIL remains a thing once players are salaried. In short, you would think that if you are going to navigate THAT MUCH CHANGE, that you'd like to nail down the other issues as much as possible.
Particularly since it SEEMS TO BE that your P2 admission ticket is "are you committed to the proper spending/resources level", then I believe that some of the Sorting Hat issues will be self-selecting. For example, Miami will commit to spending what it takes, Boston College will not, etc.
Put another way, if the Big 10/SEC are going to become the NFC/AFC of college football, then you are probably looking at 20-22 teams each. And I would expect that streaming will be a way to get more "time slots" than what might be available on broadcast. I'd also expect 10-game conference schedules. If it was "only" 8 or 9 conference games, then I'd expect a chunk of the OOC to be cross-P2, and then the networks who own the Big 10 and SEC would be in a mutually-beneficial spot as it relates to OOC games.
Interesting times.
Everything depends on who, and how many, the Big 10 and SEC take. And a lot of THAT will probably depend on what the networks project they can pay under an expanded marketplace.