Originally this was setup in 2013 as a H/H/N series with the neutral game in 2016 @ Univ of Phoenix Stadium, @ Arizona in 2018, and then @ BYU in 2020.
BYU came back in 2015 and needed to change the 2020 game to make room for the Michigan State series (@ Michigan State in 2016, @ BYU in 2020) that had become available suddenly due to a cancellation. As compensation for having to change Arizona's 2020 schedule to accommodate BYU, the 2020 game in Provo was moved to 2021 at a neutral site in Las Vegas and I imagine a revenue split. 2 additional games were added as well to make it 2026 @ BYU and 2027 @ Arizona.
So IMO, it really isn't fair to look at this as Holmoe scheduled a Neutral/Away/Neutral/Home/Away 5-game series with Arizona. That would be ignoring the fact that he parlayed a home game against Arizona into a Michigan State H/H series AND a neutral site game in a NFL stadium in Las Vegas against Arizona--a short drive for many fans and which should be well represented by both schools.