Can UCF lay claim to the National Championship? No. They were not picked one of the top four teams in the country. Should UCF have a parade and wave a National Championship banner? Hell yes! They should bring attention to their reasons for being included. As long as all Div-1 teams play by the same rules all Div-1 teams should have equal access to a National Championship. This crap of the best G-5 team only being included in the New Years Day bowls is ridiculous.
On another note I think the G-5 schools should sue for more inclusion. I also think that one way to clean up a lot of the corruption in recruiting and to save colleges millions each year in expenses(or to make millions) is to set up a draft for high school athletes just like the NFL and the NBA have. You don't need a commission to rate the kids. The college coaches can still do that homework on their own but starting with the the worst team in D-1 having the first pick(and being able to sell or trade that pick to another school) spend a week in February(on ESPN of course) and have college football draft week. Hopefully it adds "some" parity because schools will get athletes they otherwise would never have a chance at. Schools that desperately need cash for facilities can sell their pick to a school that has plenty like an Alabama. Schools that are on the verge like a Boise St, UCF or Houston may trade their #1 pick for 2 or three future picks from a Oklahoma or USC. It may take a few years for the G-5 schools to close the gap but parity didn't hurt the NFL or the NBA. Many would argue it made those leagues even more popular and prosperous. Obviously something would have to be worked out with the service schools but if it's better for the sport over all then I'm sure smart minds can get it done. Parity, additional revenue opportunities for the smaller schools, a month of media and fan frenzy in the middle of winter, what's not to like about that? Could this realistically ever happen? Not without an army of lawyers suing on the behalf of G-5 schools for leverage to make it happen.