I think they have a new attempt at a good FCS league on their minds. We all need to remember that MANY schools are doing just fine, just like we did for years, at the FCS football level. Fans come to see their schools play whomever is on the schedule, rivalries are great in many of those leagues, an the best teams far surpass the bottom feeders of FBS (particularly C-USA, MAC and SunBelt bottom feeders). Basketball is better in many cases that several FBS football, mid-major basketball, conferences, including ours.
If G5 separated from P5, included FCS, college football wouldn't see a bit of difference. Media outlets still need the games, and the playing for national championship in football could easily expand by another four teams. Conferences could realign, costs would drop considerably, play on the field would be just as good as P5 can only take so many players anyway; the kids have to go somewhere.
Say what you will, but ODU has good leadership in their Athletic Department and they'll come out fine for the alumni overall, IMHO.