Sure they're not in the actual P5 club. Should they be, and do they merit to be more than some in the club? I'd say yes. Could they beat the bottom half of the P5 schools on most Saturdays and some on the top on some Saturdays? I think so. But getting admitted to a club is not always about what should be the case, but politically what is the case. It's the P5 schools' club, and until Congress steps in to call it an illegal cartel, they get to decide who's in.