I agree with your point about top P5 schools having no incentive to play us, but the thought of playing Alabama, Clemson or Oklahoma 3 times is horrifying. Any one of those schools would likely mop the floor with us 3 times. However, I'd happily take a 2-1 with some mid-tier P5 schools like Texas A&M, Penn State, and Tennessee.
2-1 with reputable P5 schools certainly beats another season of UMass, Illinois and GT; yeah, Illinois and GT are P5, but they don't represent the strength of the P5 anymore than UConn represents the strength of the AAC.