Yes and for many, many years and that is why I know that any thought that one conference, no matter how big it is, should get a bye is ridiculous. The SEC has always had quality teams, but so has some other conferences. I think the fact that they haven't always been able to make it to the big game is probably proof enough.
OTF, you make me smile with your logic. You go through Baylor's out of conference games as if they were deal breakers. Can you really in good faith make that comparison when a 2 time national champion is playing GA ST, Chattanooga, and Co ST? As if it really makes a difference? The fact is these second and third tier teams line up to play the big boys. They make big money and get a few extra recruiting points for the scrimmage.
There is no standard you can use. A great case in point, LSU vs AL. If LSU hadn't beaten AL before, everyone would have thought that LSU and it's conference didn't belong in the game. None of you can deny that.
College football is fun because it is so unpredictable, it's all about hope, no predictions.