Still be in the conference race, so the interest still continues. And ever for those teams out of the race, there is still playing a spoiler for other teams and of course your end-of-season rival. And my team is a historically mediocre P5 team.
I contrast this with my BYU fandom, in which the season diminishes its excitement once the team loses and gets into the who cares which G5 team we're playing part of the schedule. BYU doesn't even have an end-of-the-season rival anymore.
I'm not in the hurry and join a conference camp, but admittedly, I generally follow BYU with less excitement as the season progresses. Sometimes, I felt like I was tuning in the watch the train wreck.