Yes, that’s exactly how it works. And it likely would not be every year, maybe once every 2-4 years. Good chance it would rotate with other MFVC teams in the mix.
I’ve never seen a FBS team agree to a home and home with a FCS school. Most G5 out of conference schedule one FCS buy game, one P4 pay game if they can, and a home and away G5 game from another conference. A few of the MAC punching bag teams land multiple P4 away games, but typically get pummeled, which is what the P4 seek out.
I think the original plan was for the Montanas and Dakotas to move together to MW, but it sounds like the money needed to make that happen likely isn’t there , or at least MW wasn’t willing to share enough for schools like Montana to make the jump. Based on rumors posted by the snowbelt twitter account and AD interview.