If they make the playoffs, a big if, they are competing for a national championship. Doesn't mean they'll win it but all teams in the playoffs are competing for a championship. I don't think they win one. Georgia makes offenses look that way. State is a rivalry game and Washington was challenged by Wazu but still made the championship game. Ole Miss won 11 games last year. That's impressive. It also sucks that they're that good.
That's what's so great about the expanded playoff. Even though the likelihood that a non-blue blood will win it has probably decreased, the ILLUSION of hope is there. Very similar to the basketball tournament, which is pretty elusive itself outside the same group of programs.
Going forward, the measure of an elite season will now be measured by a playoff berth. Advancing and winning is great, but making it is the big thing. As it expands, obviously that glamour will decrease some (like the basketball tournament). Then we'll start measuring based on how far you advance, etc., but that's years away.