Becoming a member of a P5, and joining the BIG10 are two totally different things. The only aspect of membership into the BIG10 that UCF meets is the fact it's a University with sports teams. I'm not saying that flippantly, I mean that in a factual sense. We don't meet the criteria academically (by a wiiiiide margin), we don't meet the criteria geographically, we don't meet the criteria culturally, the list literally goes on.
Whaaa? Please check the facts.
1. Academics: Just because they have top 50 academically-ranked private universities Stanford, Duke, USC, Notre Dame, BC, and Vandy, the P5 heavily clogged with state universities with 60 and 70% acceptance rates, SATs well below UCF's, and substantially lower freshman admit high school class rankings. There are zero academic issues facing UCF (or Rice, Tulane, obviously) like there would be for low-academic ECU, Marshall, Southern Miss, or Memphis. As far as research prestige, grants, grad schools, UCF has qualified as Carnegie Research I university for quite a while, has one of the largest research parks, now has a research medical school.
2. What is the most obvious difference (and biggest barrier to admittance for a G5 school) between P5 and G5? The P5 contains state flagship universities (____-State or U. of _____) with large resident student populations (typically located in inaccessible small towns) while the G5 have the directional and big urban commuter schools. The result is graduates have the cache, status and their university is favored with more funding, more on campus social life that encourages lifelong alumni bonding.
What makes UCF different: UCF was among the few G5 exceptions by having a sizable statewide enrollment (especially after UF and more recently FSU made admission to difficult), the largest university-administered residence population, and the only state university in Florida with a decently high graduation rate (though still well below FSU and UF). The other factor that might justify more P5 Florida schools is that, like Texas, huge population, growth, and football hotbed for recruits. That sure helped Texas elevate several otherwise "unqualified" universities into the Big 12.
However, extremely low Central Florida wages, low, stagnant attendance, and Big 3 opposition to entry into the ACC and SEC (while UT welcomed other Texas teams in).