I think we will probably see a 4/5ths consensus among the P5.
I'm hopeful for a full season, but I'm not convinced the season will start on time. I could see the P5 conferences compromise by eliminating their OOC games and moving everyone's bye up to before the season. By doing that you've pushed the season back a month and it has little impact on the playoff unless you're a team like Oregon (that has Ohio State scheduled for Sep. 12) that likely needs a signature OOC win to get an invite.
Speaking of Oregon, the Pac-12 is by all accounts already an afterthought in the playoffs, so if they really don't want to play so be it. I don't know what the NCAA would say, but the SEC, B1G, ACC, and Big XII are likely going to be playing games even if the Pac-12 says they won't. I think there's probably heavy pressure there for the Pac-12 to come along or they're going to get left way behind with the little guys.
That being said, I hope we're playing Purdue on September 5.