It's a little complicated. The P5 and G5 designation actually means something. Primarily, the P5 are considered "autonomous" and are allowed to make certain decisions the G5 schools can't. This was done because the interests between the P5 and G5 were so different, it didn't make sense that the G5 could stop the P5 from doing certain things, primarily spending more money. At some point they didn't have a choice - they get a lot of money from the CFP because the P5 allows it. That won't always be the case, so they did this to survive.
Whether they are still autonomous or not isn't all that relevant. What is important is that through the end of the current CFP contract, the PAC is considered a P5. That is where the 2-year language you posted comes from. But the CFP changed the rules a month ago, and for 2024 and 2025, the PAC champion - one of the two - can't get an auto-qualifier entry. Whether they will still go with 6 AQs or drop it to 5 is open for negotiations. The G5 commishes want 6, obviously, meaning that there would be 2 G5 teams in the 2024 and 2025 CFP. But they also know they can't piss off the P5 when they negotiate the new contract for 2026. The Rose Bowl did that and they are going to get screwed for it. The G5 wants the new contract to be 5 AQs, 7 at-large. If they piss off the P5 they might say we are going to 4+8, or maybe no AQs at all ... just the top 12 teams with the top 4 conference champs getting the byes. Either of those would fuck with the G6 teams. So they will gladly settle for a 5+7 format, and until the PAC gets to a certain number of teams, their champion can't be an AQ. OSU and WSU will be treated as Independents like ND.
The committee is also moving toward changing the 12-team format to five automatic bids following the Pac-12's collapse.
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