That would be fine. Let them defer the bowl bid. That would tell people all they need to know about where their program is today versus UL's. IF ESPN does own the bowls & sets the stage, This would be a magnificent opportunity for those Crimson Tide jock washers to put it to tiger fans.
If the CFP spot is given based on "highest" conf champ ranking, what prevents a conf from cancelling the title game to maintain the higher ranking of its champ and potential cfp entry.
On the other hand if a p4 is sure that a certain team will get an at large bid, leave them out of title game and 'safe', figure out a different title game criteria/tie breaker to get an extra team in of they are confident that (secondary) champ could still out rank the g5s
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