We wouldn’t feel great about it but at least we can say we weren’t left out. Getting in is always better than the alternative. The players will give their all to make the playoffs, and to go deep. Constant failure to get out of the first round might lead to a drop in $$$ contributions from fans and renewed vigor towards replacing the coach, but beyond that how we feel isn’t going to factor into things. I know I myself would be be crazy with enthusiasm to get into the playoffs, every year. It may not be rational to think this way but rational left college football eons ago.
Would you be "crazy with enthusiasm" if the "playoffs" included 80 teams? I would assume not - but I don't want to assume too much. But, if so, what is the magic number?
A 64 team playoff entry would be cause for enthusiasm? 32? 24?
I expect the answer would depend on whether one's preferred team was a low-rent bottom-dweller with minimal resources (let's say "Syracuse") - in which case making a pool of 12 or 16 teams would probably generate justifiable excitement.
If you are one of the huge money spenders, huge investment programs, with a long-term "blue blood" image - I doubt if simply being "#12", even if that would now mean "being in the playoffs" would be much cause for elation.
Bottom line, is, of course, it is what it is.