Technically, the 3rd option is the group of 5 and leftovers

from the P5 that opt out / are excluded. It is basically an NCAA comprised of basketball schools and ND plus teams that have never been more than bottom feeders for 60+ years.

The new league will consume all network money and the "alternative" will be akin to the attempts to create a parallel NFL pro league.

Most schools are in so deep investment wise for football and their entire athletic budgets are so dependent on football, that they have no choice but to go with the new league.

ND is 99% likely to go with the new league -- and claim some kind of moral position with all other sports and/or claim it isn't much different than hockey where we have kids that average 23 years old and played on national teams claiming to be college players for a few years.

It is all going into the shitter much like olympic sports did once the US allowed pros to play. It is totally worthless now.