Technically, there never was a Power 5, it was an Autonomy 5 that had additional say and control over their own rules. The PAC no longer has that status

From a fan perspective, the thing that really separated the P5 from the G5 were the NY6 auto bids. By that logic, there no longer are any conferences with advantages built in to the system. The top 5 conference champs make the playoff with no conference guaranteed a spot. In theory it could be CUSA, Sun Belt, MAC, AAC AND MWC conferences as those 5. In reality, it's tough to imagine a scenario where it isn't ACC, Big 10, Big 12, SEC and a rotating other champ.

So if your definition of P5 is based on $, the PAC isn't. But then there's a clear P2.

If you defined P5 by autonomy roles, then the PAC isn't. And the rest still are

If you define P5 by access and auto bids, then the PAC is no more a power conference than CUSA .... But the same also applies to the SEC