Agreed. If you are in a P5 conference, you should compete for the conference title. Having said that, obviously, in this day and age, winning your conference title doesn't guarantee you a shot at the title. I mean, if OSU can't get a spot, then the uphill climb for Louisville will be immense. Perhaps I'm jaded, but should UofL win the ACC, then the pundits will be like "well, the ACC was down. This team over there has more losses, but look at that schedule, who they beat." It will always be something. We can only hope the team wins every game. But, still, their destiny will be decided by other factors.
Here are the teams that have made the playoffs since the, well, playoff system began:
Oregon
FSU
Ohio State
Clemson
Oklahoma
Michigan State
Alabama
Washington
Georgia
What is that, 6 maybe 7 blue bloods, depending on your definition. Oregon and Washington, two also very good programs with much richer histories than UofL's. My point is if UofL isn't the first non historically decorated program to make the playoffs, then I'd like to see someone else of the same ilk make it before I think there's a legit chance for the Cards against the powers that be.