I think that's another reason the Big Ten is backing off the 1 OOC P5 every year requirement. The definition of the P5 is getting blurred ever since Tex, OK, USC, UCLA announced they are moving conferences. The new thinking is that the FBS is now split into 3 parts.
P2 - Power 2, SEC, Big Ten, Maybe Notre Dame
M3 - Middle 3, ACC, PAC, Big 12
G5 - Group of 5, Everybody else in FBS
And thats with no more movement. Now if Wash and Ore join the Big Ten, that probably means the PAC falls apart and Col, Ariz, Ariz St join the Big 12. Maybe Utah, Cal, Stanford too. At that point whatever is left of the PAC won't even be considered a middle conference. The M3 becomes the M2. The old P5 label officially becomes meaningless if it wasn't already. Also the old Rose Bowl agreement becomes meaningless.
So yeah, after all that, the P5 scheduling requirement becomes pretty much meaningless.