It's probably more difficult now, but there is a lot of college football to be played and strange things do happen in football. If there is a rare year of cannabilism that leaves a bunch of conference champs with multiple losses...and Texas and BSU and UCF and Cal and Virginia all end up playing pretty well in their leagues and end up in bowls...there is a shot.
I think a New Year Bowl is a realistic shot, the playoff is a Lloyd Christmas shot...but sometimes the stars align...