This actually will hurt mid majors quite a bit because any conference loss is probably giving them a Category 2 or 3 loss.
Here are the current Non P5 schools in the top 75 at KenPom:
Villanova - Big East (1), Gonzaga - WCC (6), Cincinnati - American (7), Wichita State - American (15), St. Mary's - WCC (19), Nevada - MWC (20), SMU - American (32), Seton Hall - Big East (34), Marquette - Big East (41), Butler - Big East (42), Houston - American (44), Western Kentucky - CUSA (47), Boise St. - MWC (50), BYU - WCC (52), Middle Tennessee - CUSA (53), New Mexico St - WAC (54), San Diego St. - MWC (55), Providence - Big East (57), East Tennessee - Southern (59), St. Bonaventure - A10 (64), Murray St. - OVC (65), Davidson - A10 (66), Missouri St - MVC (69), Northern Kentucky - Horizon (70), Louisiana Lafayette - Sun Belt (73), Vermont - America East (74), Old Dominion - CUSA (75)
Now look back at that list. If you're Villanova, you're okay because you could drop a road game to any one of several conference opponents and be okay, because four other conference teams are in the top 75. The American is also okay because four schools there are in the top 75. The WCC has three. Mountain West has three. Conference USA has three.
But if you're New Mexico State, East Tennessee State, Missouri State, or any of those other schools with no other top 75 school in their conference, you basically have to go undefeated in conference to protect your seed, regardless of your noncon schedule, because any conference loss is a category 2 loss, and a conference loss at home is a category 3 or category 4 loss. That's pretty demanding to say you have to be unbeaten in conference, or at least unbeaten at home with no more than maybe one or two conference losses total.
This is why so many middling P5 teams make the tournament as bubble teams. They get higher value losses because getting blown out by a top conference team is worth more than losing a tough road game for most mid majors. I would rather see the NCAA committee require a .500 conference record to qualify for NCAA consideration. That way a weaker P5 conference team can't load up on cupcakes, then sneak into the tournament because they went 1-4 on the road against top 75 teams, while a mid major team went 0-1.
Either that, or design a true bracket buster weekend where top mid majors get a shot on a neutral court against mid level P5 team. The winners of those games would separate themselves from the losers for NCAA bids.