College football isn't a legitimate competition the way a professional sports league would be, and I don't know that it ever was or will be. The NCAA allows G5 teams to claim that they are part of the real Division I-A (P5) even though they aren't, but at the same time it opens the door for schools like UCF to claim to be the undisputed champs of P5 while only playing two games against teams from that division.
College football fandom is one of the most illogical concepts known to mankind - worse than Dippin' Dots. We love to talk in absolutes, taking the results of games all the way down to the rushing yardage differential to explain how they unequivocally determine one team's quality over another (and usually in a way that favors our personal biases). UCF's argument displays this dynamic perfectly - true, they did beat the team that beat both CFP finalists, but their biggest win also came against a team that lost to Georgia.
Competition is elastic - half of a game's outcome is determined by the actions of each respective team. Smug fans call it "playing to the level of their competition," because it dismisses the performance of the weaker team, but the truth is you don't know the dynamic of a match-up until somebody kicks a football in the air and they play. Even within that, sometimes it goes your way (Auburn wins!), sometimes it goes the other (Georgia wins!).
If the NCAA wanted a legitimate competition (don't worry, they don't) it would be four conferences, eight divisions, 12 games all inter-divisional (no FCS or G5 games), and the conference championships are the first round of what is, ostensibly, an eight-team playoff. No more arguing about the effect of pre-season rankings or cupcake scheduling, no more situations where 9/12 teams in a P5 go to a bowl - just a real, solid competition. But they don't want that, and chances are, neither do college football fans.