Most P5 schools were just in the right place at the right time in history when their conferences initially formed. They've been in their conferences since the beginning and they grew into what they are today. I would imagine the New England schools didn't place as large of an emphasis on college athletics and were also overshadowed by the Ivy LeagueKinda think the football thing is a bit of an excuse and there is more to it. Theoretically UConn could improve and compete with P conference teams with the additional resources and improved recruiting that would likely come with inclusion. Schools that have experienced Down FB periods and not BB success have been invited.
Most P5s have OK to good Football and lose money, only the top 15% would be good enough and earn enough to get their way into a conference off merit