It's not only outside the P5, it's even just a handful within the P5 that can actually win it. You look at the recruiting rankings and the team that ranks 10 is much closer to the teams that rank 20-25 than they are to the top 3 or 4. The playoff system has actually managed to create this situation as opposed to alleviating it.
It's this on top of the lack of anyone outside the P5 having a chance. Anyone not named Ohio St, Michigan, or Penn St in the B1G, or Clemson or FSU in the ACC, or the top half of the SEC is living on a razor thin line. However, I'd put money down that an undefeated Iowa would not make the CFB playoffs over a one loss SEC school or even a two loss Alabama or Clemson.
It's boring that no matter what, it's Ohio St, Clemson, Alabama and a rotating spot between Oklahoma, ND, or another SEC school.
I agree with the previous post that I've lost interest in CFB and almost fully watch the NFL because my team, and others, actually all have a chance each season.