This would suck for obvious reasons. However I assume TCU would be lumped in with a "Best of the Rest" league with the other 40 or so P5 programs that get left out. Probably wouldn't get the money we do now, but would still get 80% of our current schedule minus UT and OU.
Also would probably be more compelling to watch as well. They could let Bama, Clemson, Ohio state +1 rando do their 4 team "playoff" invitational every year in the super league. The rest of the schools could do an actual 16 team playoff with home games, which would be more fun to watch with different matchups and actual chance at upsets.