At that point you are guaranteed at worst to be one of five conference champions fighting for an automatic bid. Even if you lost a couple games in September you would still have a chance.

For example, take BYU's 2006 & 2007 seasons.

In 2006 BYU won the MWC and finished #20 in the BCS rankings. They finished as the 2nd highest G5 champion behind undefeated Boise State. However a loss by Boise to SJSU (a game they won by 3 points in mid-November) may have put BYU in as the top G5 champion. It didn't happen but BYU would have been in the conversation until late November.

In 2007, BYU won the MWC and finished #17 in the BCS rankings. Again BYU finished as the 2nd highest G5 champion behind undefeated Hawaii. What if the new CFP ranking system hit Hawaii harder for playing multiple FCS opponents? What if Hawaii had slipped up and not won their two games that went to OT? Can you imagine what it would have been like watching Hawaii come back from 21 down against UW to clinch the playoff bid away from BYU on December 1st.

Those seasons wouldn't have necessarily turned out in BYU's favor but the excitement of having a two loss BYU team on the verge of the playoffs to the very end of the season would have been incredible.