Yes but if a player opted not to play that year 2020-21 (forget about the conference) he is not being penalized per se, he still gets a 4th year.
The 5th year so to speak was only for kids who chose to play that year. The NCAA simply said if you play that year it is in essence a free year. You don't lose a year for playing and you don't lose your minimum 4 years of eligibility for not playing.
Simply put if you or your conference chose to NOT play in 20-21 you cannot simply transfer that "extra" year to any year you like. You don't lose your traditional 4 years of eligibility but at the same time you don't get a free 5th year down the road.