If we moved up, that actually would be a huge accomplishment, and not something that would happen more than once or twice a decade, if that. That assumes we could get into the MWC or AAC.
There are some good reasons to move to FBS, but hoping to quickly make the playoffs and become a title contender aren't really part of that if people are honest. We won't come close to competing with the UGA, OSU, and Alabama tier of schools. The resources they have are enormous. G5 is like a lower subdivision almost that pulls off a few P5 upsets, the same way FCS pulls off a few FBS upsets each year.
Also, since they are moving to 5+7 format, if the PAC actually rebuilds, it would be rare for any of the G5 conference teams to get in. PAC would harvest all the strongest G5's, and land the last CFP slot the majority of the time.
Stronger competition in regular season, a conference championship, and bowl games would be the main reasons to move.
This is why I believe which conference we join is important. Would our fans really get excited to play SHSU, JSU, FIU, etc?
I do think being in a conference with Boise, Air Force, Wyoming, UNLV, etc would be a hell of a lot of fun, for both football and basketball.