My initial thoughts on this if it were to happen.
The vast majority of the current P5 schools will participate including the successful private academic juggernauts in either football or basketball like the Notre Dames, Stanfords, Southern Cals, Dukes, etc. - despite any platitudes they have said in the past. They have too much skin in the college athletics game to risk leaving the spotlight college sports shine on their institutions and the vast amount of free publicity that gives them.
Why do I include basketball? Simple. This is going to cost $$$ and the biggest college sports money pot out there happens to be the NCAA tournament, not the CFP. Yes, the CFP gets more attention but the vast majority of that pot already goes to these same P5 programs since it has fewer mouths to feed and it doesn't pay a dime to help the costs of the NCAA organization and all of its employees and expenses for organizing all the other non-revenue generating championships.
So, to get to that pot of money and add it to the CFP pot with a focus more towards a smaller number of institutions than the current 300+, this will mean a split from the NCAAs and the development of a new organization which will take probably three years to even develop. The new umbrella will still likely cover between 100-120 institutions, but the dead weight below will be cut off by some rule of the new organization that limits the membership by budgetary reasons and most likely football participating members from non football participating members based upon that same type of criteria. The days of P5 football schools with annual operating expense budgets below $100 million will be long gone.
Title IX matching will obviously still exist, but players who are paid will no longer be in the matching count. To stave off law suits women basketball players will also be paid. The number of sports sponsored by the new organization will be drastically reduced to most likely football, men's and women's basketball, men's and women's soccer, baseball, softball, ice hockey, men's and women's volleyball, and maybe three or four more. Institutions can have additional sports if they so choose, but they will be at "club" level with no national championships being supported and paid for by the new organization.
Just some of my initial thoughts regarding where this may all lead.
Cheers,
Neil