1) If we are "left out", it would likely be some combination of the "big 8" teams + AAC and / or others... Point is, we still have a chance to compete for a spot in a 12 team playoff (if this happens) and we could still have a very similar strength of schedule.
2) The biggest issue with being left behind is the media money which is getting set to explode. In the short term this will not be a huge issue (we can make up for the current gap with school funding similar to what UConn, Cinci, UCF, Houston, and every other G5 team does today in order to stay competitive). Long term, the gap will be too large and when players are paid directly by schools (based on supreme court ruling, I would be surprised if this does not happen in the next 5 yrs or so) schools without these huge media deals will struggle even more.
So, I would actually argue that Premium Seating and other investments (the Pollard and Light district) become VERY important short term projects to increase revenue from non-media sources and raise the profile of the University making it more attractive for inclusion in the future.
The landscape of college athletics is changing. I have no idea how it will turn out... but if you are left out initially (could happen for a couple years) you have to figure out a way to get back in. I think there will be opportunities, it just takes time.
Utah was not always in a P5 conference, TCU got their break 10 years ago. Rutgers was in the right state at the right time.... Iowa State is in a good spot and has been growing ... got to show this can continue regardless of potential short term set backs.