Huh, you're right. I guess you can make an argument that every president prior to 1920 was elected illegitimately since over half the electorate was disenfranchised. This could get ugly. White supremacists are going to have a field day when they figure out Lincoln didn't actually have a legitimate claim to issue the Emancipation Proclamation as an executive order! Is it possible we might even still be part of the British Empire?
Point being: sure you can make that argument, but it's meaningless. In this case yeah, the system should be changed, but even had UCF been part of the playoffs, they still would have had to, you know, win the actual games. Claiming they were screwed is valid. Claiming as certainty an alternate history in which they are champs is absolutely absurd. Which, whether they intend it or not, is what these rings actually claim.