who has a right to be ranked in the top 4:

1) The team must be from a P5 conference
2) The team must be named: Alabama, Clemson, Florida State, Georgia, Louisiana State, Michigan State, Notre Dame, Ohio State, Oklahoma, Oregon, or Washington.
3) Teams named Alabama (5), Clemson (5), Ohio State (3), or Oklahoma (4), get the preferential benefit of the doubt in rankings at the beginning of each year above other P5 programs, as they've been to the CFP at least three times.
4) Teams not named in 3) above get preferential treatment at the beginning of each year above all lowly G5 programs by virtue of the fact they are a member of the P5 club.
5) Being a member of a G5 conference precludes you from participation in the CFP, even if you are undefeated. See Rule 1) above.
6) Being an independent program precludes you from participation in the CFP, even if you are undefeated. See Rule 1) above.

So, yes, as long as you agree with the above criteria, you are absolutely correct.