Sure. But to really make this worthwhile you need to hire a G5 Director to coordinate. And of course you need a catchy name for the so-called G5 that is also not denigrating.

But for Football, what you really need is a de facto Group championship game the week after the conference championships. Winner goes to NYD, 2nd place still gets a decent bowl against a P5. Pirate Bowl, sure. 3rd place game winner also gets a decent bowl against a P5 maybe out west (Boise, Fresno, Hawaii?). This group championship round is technically a replacement for one regular season game. So every G5 saves a date in the schedule for one flex game that is assigned by the G5 Director. If you’re not in the running for the conference title it can stay late in the regular season (and be a nearby conference crossover opponent).