I don't think the MVFC as a whole would/could move up but if enough like minded FCS teams, most likely a conglomerate of MVFC and Big Sky schools, wanted to step up together and form a new FBS conference I don't think the NCAA would have much motivation to stop them if they have all the infrastructure in place. But the NCAA doesn't control bowl tie-ins or the CFP distribution which to me is the bigger hurdle since a new conference could not be competitive without those.
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