The logic of this is flawed because you could make this argument about any configuration.
"Well, the BCS algorithm likes two teams more, so you don't deserve a shot."
"Well, you weren't in the top four, so you don't deserve a shot."
"Well, you weren't one of the top-six conference winners and didn't get one of the six at-large bids, so you don't deserve a shot."
My point is, if you're not moving to an ironclad formula that gives everyone the same shot (like the NFL, NBA, or MLB with an AQ big for every conference), you're just diluting the product and they're diluting it in a way that actually makes the product worse, in my opinion. I'd much rather just see the top eight P5 teams in the playoff than this 12-team formula if they're hellbent on expansion.
It's honestly feels like it's time for the FBS to be split between power conferences and non-power conferences. There's just too big of a gap between the Alabama/Ohio State/Georgia of the world and teams like Iowa State, Minnesota, and NC State, and it's a whole other level when you start talking about teams like UTEP, FIU, and UAB. FCS footing has found a really nice place in the college football landscape and the group of five schools don't get a ton of visibility with the current format anyway. They can also develop their own playoff and become a fun alternative to the power conferences like the FCS.