I'd expect a P4 conference invite would still be required, at least to feasibly put a schedule together.
We won't have the cash to buy those home games like Liberty did, and P4 aren't likely to give us enough home and away games.
This is a move to lock the gates of upper tier football, and let them spend as many millions as they please on players.
The more interesting question is what happens with G5 now, and how do they restructure.