They would still have their own tournament. The same thing happened years ago when the NCAA was hatched out of the NIT model. The P5's want to keep everything in-house. They will set the rules. It is already starting with P5 schools only scheduling other P5 schools. In football some schools in the same conference are already scheduling out-of-conference games with each other.
One group of schools (P5's) will keep all the revenues in-house.
One group of schools (P5's) will keep all the revenues in-house.
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