Guys, it's really simple. It isn't a real "playoff" with set rules like the NFL, NBA or MLB. "Win your division and you're in. Win the wild card and you're in." It's a tv show that is all about the money. If FSU doesn't lose their QB and/or wins impressively against a bad Florida team and a pretty good Louisville team, they probably get in. They lost their star players and likely couldn't compete with the other teams in the CFP.
After several years of blowouts in the semis and then last year's blowout of TCU in the finals, they weren't going to put in a team that lost their star quarterback. That's life. If there were a rule saying that any undefeated Power 5 champion gets in and then they left them out, they'd have a case. They don't. It's a tv show that is all about the money. Right now as they stand today, Alabama is a better team than FSU. That's it. That simple.
While I do hate it for the conference, I do find a bit of joy in FSU getting screwed after their whining about the ACC and money. They have made no friends over the past few months. Not saying it came back to bite them, but it does bring a small smile to my face.