P4 means nothing now. With the CFP, there are no guarantees for anyone. We are seeing the proliferation of P2 football. It's happening before our eyes.
We are getting little to no better treatment than the MWC and the soon to be PAC8 will be similar.
Within the next 3 years, you will begin to hear "Power 2" used commonly and then we're out. In both word and deed (right now it's just deed)