So if the discussion centers around a $20 million salary cap the two key questions are:
1. Does that include football?
2. Is it inclusive of NIL (i.e. the schools effectively "buy" the NIL as part of the deal)?
If the answer to both is "yes" then it probably leaves the Big East competitive with the Power 5 since a lot of the salary cap will get sucked up by football and NIL will go away as a separate entity.
If the answer to either/both is no then it would really cement a two-tier system since nobody will be able to compete with the P5 which will pass on the costs to their TV partners sooner or later
Worth bearing in mind that only the P5 conferences are in the discussion, I think, plus the NCAA for (theoretically) everyone else.