A group of schools that generally find no reason for believing in God is not likely to admit a religious school. I remember Dick Harmon last year on KFAN (or maybe 1280) saying that he has been told as much by several decision-makers and VIP's.
I think there are two more likely options.
1-the BCS is completely overhauled
2-the MWC becomes a BCS conference
(Of course, if the NCAA/BCS somehow forced the PAC-10 to pick up 2 more schools, I think they'd forgive our religious foundations really quickly in the name of those $chools' real God.)