Conference affiliation doesn't matter when it comes to rankings. A team is either good or bad. Clemson/North Carolina are really good even though the ACC as a whole wasn't very good. The SEC hasn't been great for a lot longer than people want to believe. Alabama has been terrific since Saban which has nothing to do with the SEC. Florida was great when they had Urban Myer. Ohio State was really good last year even though the Big 10 was down. Any team, in a power 5 conference, that can manage a full year losing 2 or less games is good enough to play with anyone. There are years where the non-power 5 are equally deserving i.e. Houston this year, Louisville/UCF in previous years.
We will need to see how this weekend plays out but what if Clemson/North Carolina & Michigan St/Iowa come down to a field goal at the end of the game with NC and Michigan St winning. Is a 1 loss Clemson, North Carolina, Ohio State, and Iowa team not capable of beating a 1 loss Oklahoma, Alabama, NC or Michigan State. Absolutely, they all are good teams.
That is why they need to go to a 6 or 8 team playoff. It really isn't that tough conference title winner in the Power 5 then 1 to 3 at large. Force the Big 12 conference to expand and have a title game. Force Notre Dame to join a conference or take their chances on being an at large bid. Build in contingency that if the conference winner has more than 3 losses they will be replaced by the highest ranked team.
This model would prevent bad teams from participating and help conferences with two great divisional champs to still play for a title.