There may be one, but I would liked to have seen a ranking cap on that one. Like they have to at least be ranked in the top 25 (I would prefer 15) to be eligible. I'm sure that would create drama if someone was ranked 26 and missed it but honestly if you are that low you dont deserve to be in even if you won your conference. Not sure that scenario would ever play out, but something I have thought about.
It'll happen. Not the cap, but seeing a team with an automatic bid that's also ranked well below teams that miss out on an at-large invitation.
@bamatommy started another thread that goes hand in hand with this discussion. A sentence from that article:
The new arrangements are established by one force, television networks, and for one reason, national ratings.
Another view of this expansion runs along these lines, "we've gone from five Power Five conferences—where one, if not two, are irrelavent each season—to adding what's basically another Power conference to put us in a P6 landscape: now with two, and three, power conferences with teams that will be irrelevant.
It goes a little farther than that if you step back and look at the entire picture. The two teams that have been "a fly in the ointment" lately are Cincy and UCF. What's happened to UCF? The left the presumably next power conference (AAC) to join the Big 12. Yes, their chasing money but that money isn't coming from that one year out of 10 where they get an invitation, it comes from those network contracts.
Other schools will follow suit by jumping into conferences (see Big 12 and PAC) for the dollar figures.
BUT, what does that leave us with? The better teams from the smaller conferences are going to power conferences leaving the talent pool in those smaller conferences worse off than they are today. Take UCF as an example here: a choice between an occasional payout from an occasional playoff appearance versus joining a conference where they get a piece of that "playoff pie each season leaving the ACC weaker than it is today.
In essence, they not only are watering down the playoffs by adding teams that are fodder, but they've also watered down the regular season because losses wont matter as much.