I was watching something, I think the playoff announcements, and one of the talking heads floated the idea of a non-P5 playoff. I don't know if the money would work, would people watch Boise St/UCF like they will Bama/Clemson?, but it would be fun.
That said, I don't think the mid-majors are playing for nothing. Same show had Herbstreit complaining that some bowls that were big deals aren't any more. If I'm a non-NFL prospect, my last game would be a big deal to me whether or not I'm in a playoff. And, if I went to UCF, I'd know I'm not going to the playoff.