Relegation is a bizarre concept that would never fly. I just won't...no use even discussing it.
A G5 division would fly. Especially if it's a model that uses NIL for it's original intent - Not to pay players like professionals from donor slush funds, but to allow players to promote a local car dealership, or get money from a jersey sale.
To begin, maybe it only consists of 30-40 like-minded teams. But there'll quickly be late-adopters who find they're going broke trying to keep up with the Ohio States and Alabama's of the P5 landscape. They'll join the new G5.
It would be interesting to see if any upper-tier FCS programs (NDSU) would join.
The Zips Football Program barely has two pennies to rub together. Where's the $25k per MAC wide receiver going to come from? And the Zips aren't the only ones. All P5 and G5 schools are acting like they have ample donors lined up to fund this new era of Professional Free Agent College Football. But I don't believe it.