BYU being on the inside before I become a P4 snob.
There really aren't tons of P4 schools looking for games with BYU. Big ten just has 3 non-conference games. SEC and ACC are reluctant to travel across the country.
If BYU wants to cancel now 7 months before season starts, there would be extremely slim pickings of opponents available to fill that spot on a particular date.
Why does the label of P4 opponent mean so much - in terms of rewards or team development?