This is a major flaw in their thinking.
People will tune out, and they will lose eyeballs from schools that they currently are paying very little to, but nominally allowing access to. When they start saying telling multiple fanbases that put 60,000 people in a stadium that they don't even get to try and compete, they will absolutely lose interest, viewership, and ad dollars. Oklahoma State fans aren't going to become OU fans. We aren't going to become Iowa fans. VA Tech fans aren't going to become UVA fans. So on and so forth. The schools they kick out of D1 aren't going to keep watching that level of the sport.
If it goes to 48, it won't stay there long, and it won't be equal revenue sharing with greater parity. The top 20ish schools will demand and receive the lion's share of the revenue and schools 21-48 would be there to just say "we're big time" while they win 3 games every year.
If this is all about maximizing brand matchups, it will get down to 16-20 schools in one conference that only play each other and a second league that's made up of basically the entire ACC and Big 12, plus the non-blue bloods of the SEC and Big 10. That would actually be ok with me.
Cutting the bottom 20-24 most popular schools is inherently favorable elasticity for P2 networks & P2. They won’t even lose all Ok St, ISU, KSU fans, given many will hate watch instate schools in P2
Even worse is they don’t need to cut them. Most fans will accept being treated like G5, content their school get access to CFP, but no longer really peers. Slowly that fact will become accepted, and the fervor from being left behind lessens until formal culling with very little risk.
This is the suffocation path we’re on, and why JP is talking about wishing they’d already try Armageddon step-change. The further we are removed from the P5 era, the less there’s any chance separation is attritional