I can see why this might happen
Power 5 teams probably play 10 regular season games (roughly) against other Power 5 schools right now apiece. That's 325 games to televise.
Bump that up to 12 and you have 390 games to televise. Even more massive TV contracts, only split 5 ways between the big conferences.
And with autonomy for the Power 5, more money means they could make better rules about player compensation, cost of attendance, etc, and put that money into bigger, newer stadiums and top-tier coaches.
The Power 5 could absolutely demolish the non-Power 5 schools in terms of player quality in a short period of time. This is largely happening already, but I think it would increase. A player from a non-P5 school that had a great season as a sophomore would be more likely to transfer up now. Lower-tier networks like FSN would choose to take the scraps of the Power 5 over the best games that the non-Power 5 schools had to offer.
So from the perspective of the Power 5 on the whole, it does look positive. For Iowa State, the pros would be more money and no more competition with the likes of Tulsa or SMU for recruits. The cons would be an even tougher schedule and likely less money relative to the schools with which we compete.