HRE Otto IV
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There are millions of fans that have allegiance to schools outside the elite 2 that could do the same thing.
There are too many platforms looking for content so there will always be a place to watch your team if you are outside the 34 teams currently in the P2. You won't get the same payouts, but does it really matter when you don't play those schools?
Just look at the left behind Big East. At the time FS1 needed content (they no longer need this) and overpaid for the Big East. You have CBS/Paramount+, NBC/Peacock, FOX/FS1, ABC/ESPN/ESPN+, Netflix, Apple TV, Amazon, TBS/TNT, CW who will all be looking for content. The B1G/SEC cannot fulfill that on their own. So there will be a home somewhere for the current non P2. Which will draw eyeballs away.
That is why I think they need to get to 50+ teams between the two. There will still be left behinds but they will be brands so small that the major TV players won't even bother.
The problem is there is no rational way to get both conferences to the same number of teams. Maybe 2 x 25 works, but that is even a stretch. If you do not have the two at the same number of schools, I could see the B1G at 30 and the SEC at 20. That works a lot better. The B1G at 32 and the SEC at 24 is a bit of a stretch but possible.