AAC will never agree to being in a "G5" league. Every AD has already come out against it and Aresco has said it as well.
There is not more money to be made in a separate "G5" league or playoff. If there was, the FCS schools would be making more money than we are now. Once relegated, the league becomes an afterthought.
Not sure the P5 schools actually want the G5 schools to break away as they know they would lose money. I know I would quite watching FBS football if UH is no longer part of it and I would imagine many other G5 fans would as well.
Future shows that big TV contracts may be a thing of the past for all conferences. If so, CFB will look a lot different than it does now.