Step 1: Getting on the same page with the best way forward - Likely discussion about moving away from NCAA oversight
Step 2: Creation of an overarching governing body for the sport and playoff - Probably the "CFP"
Step 3: Determining whether net negative revenue programs like Rutgers, Maryland, Vanderbilt, Miss State, Purdue, Indiana, Illinois, etc are part of the P2 future
Step 3: Figuring out which properties in the ACC are going to which of the three remaining "power" conferences (Big 12 will get leftovers and be a distant 3rd)
Step 3: Pooling TV rights and negotiating with the major networks and streamers on new media deals
Step 4: Creating level set rules, a CBA, player compensation structure
The real unknown is how the Big 12 ultimately fits into the new future of the P2 and what that looks like. Will the P2 relegate the bottom feeders currently in their conferences and elevate the valuable ACC and Big 12 properties and ultimately shut off the new playoff to everyone outside the P2, or will there be a P3 with Big 12 being a distant third?
IMO, the G5 is toast and those programs/conferences might as well get busy on creating their own league and postseason.