There are many P5 teams that play in the small (early) bowl games, so to say they're filled w/small conference teams..... "garbage" as you say......is an overreach. As far as UK competing well in any FBS conference, I'm not so sure given our performance against EKU, ULL, Vandy, and UofL.
Some UK fans have "sec affiliation disorder".....in other words, some theorize that because we get our a$$es whipped regularly by SEC teams, our proficiency level in FB is only slightly below those same SEC teams.....and by extension we are supposedly better than most teams in other conferences. Nothing could be further from the truth. We're the worst team in a good conference, one of the worst FBS teams in the country, and we're not on an upward trajectory.
We're in freefall IMO....We just lost two quarterbacks to transfer and will be on our 3rd OC in three years.
We.....are.....a......very.....bad.....FB......team. Half of the 24 playoff teams in the FCS would have beaten UK at the end of this season (EKU gave us all we wanted and didn't make the FCS playoffs). Some FCS teams (NDSU, Jacksonville St for example) would dominate us with only 63 scholarship players. Small conference FBS? I think we're a .500 team (maybe) in conference in the Sunbelt and CUSA this year....probably sub-.500 in AAC. Given that the SB, CUSA, AAC teams play a couple of P5 squads in addition to their "garbage" conference slates.....that means we likely finish below .500 overall if we played in those conferences this year. I think Houston, Navy, Memphis, WKU, SO Miss, Ark St, Ga Southern, App St would have handled us in the last half of this season--some would have blown us out. Finally, as stated by another poster....if we were to down-check our conference membership to sunbelt, cusa, AAC, etc....our "sec recruiting" draw would disappear, and we would likely draw much less talented players than we do now. Translation, until we get our act together with the basics of FB program management & HC fundamentals and pull ourselves out of the abyss, it doesn't matter that much who or where we play.