most fans I know. Independence sucks. It sucks knowing that at best we're going to be playing in a worknight pre-Christmas bowl game that the athletic department is actually taking a loss on. It sucks that our October and November are 1-AAs and bottom-barrel G5s who need the payout. It sucks that there's no realistic path to P5.
But joining a G5 would mean the same things, but actually taking the step back down. Indy is a comparatively small step up, but it's a step up. Until it's actually a financial and competitive advantage to join one (and it won't be anytime soon), it's waving the white flag.