I am thinking this option could be requested by a small few in football but will be more utilized in the sports that just changed to 5 (soccer) or 7 (volleyball, basketball, baseball, softball) divisions for 2024-25.
In these sports, many of the perpetual contenders in D1 are moving down to D2 and D3 and might want to stay in the D1 tournaments. For example, using this season's CB numbers, in volleyball many of the private all-girls schools that dominated D1 are now D2, and there is only one non-public (Cleveland St. Joseph Academy) remaining in the top 64.
In another sport, think of Hoover in softball, who looks to be moving to D2 in 2024 along with three of last year's final four. Since they have shown the ability to compete and win at the D1 level, they could request a move up.
So, I see it being used by any current D1 that falls in the middle-to-low adjusted enrollments that has shown the ability to compete and win in D1.