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From 2005-2016:
62 FBS teams have played FCS teams without a loss....they have 100% win rate. 702 games played against FCS without a loss.
That is misleading at best. I already mentioned 2 of the biggest FCS - FBS upsets, and they were both more recent than 2005. App State beat #5 Michigan in the Big House. JMU beat #13 VT at VT.
FCS is a huge disadvantage. FCS is a losing financial proposition compared to FBS. But top FCS teams aren't far off from G5 programs. Give JMU the extra scholarships over the last 4 years and last year they would have been very competitive with the AAC. They may have beat UConn straight up last year just as FCS.