Maybe. I wouldn't be surprised if one of the remaining three P5 conferences starts a season. But much like MLB, they're going to have significant numbers of athletes contract Covid, and they're going to shut down before they play a full slate of games.
Maybe it's enough for them to say, "We tried." Not sure if that'll help them or hurt them in the future.
But what I think is most likely to happen is the Big XII, ACC & SEC take a hard look at the hotspot map and decide they're the last place that should actually play.