The ACC does appear down this year to me. I don't think you need interconference games to judge the quality of the basketball.
FSU and UVA are good teams, but to me they wouldn't be competing for the regular season championship usually. Either there would be one clear team above the rest (think UVA in 17-18) or two teams ahead (think 18-19). Either way, I think they would likely be double byes, but in the 3-4 variety. Likewise I don't think VT gets a double bye most years (they might not have this year except for schedule). Our team, in my view the third best team, would normally either get the 4 seed or 5th seed having hopes towards the end of getting the 4 seed (compared to last year where we were a distant 5th after a clear top 4). So forth and so on until you get to the bottom third which would feel largely the same imo.
Now, is it as down as people make it out to be? I don't think so. I think the scheduling issues this year have just furthered the impact of, in my eyes, replacing a #1 team in the ACC with a #10 team. But I do think we are overall down this year.