schools with very large budgets and solid fan bases are left out. I think they form a league... why not? College football was fun even when we were in the WAC.
If they only take 36 teams or so then it leaves too many great schools to form a competing league.
As a BYU guy... if BYU is left out of the P2 then there is no reason for me to watch P2 football. I'm sure there are tons of guys at other "left out" schools who would feel the same way.
My hope is that P2 never happens (unless it's a 64 team league with the league divided into 4 geographical regions.)