Until about two years ago, Baylor was consistently ranked high. The reason UCF is not getting into the playoff is because their level of competition is a joke. Contrast that with Notre Dame, who gets a pass on not having to compete for conference titles by having a competitive schedule. The conferences are referred to as "Power Five" for a reason.
No one anticipates the playoff remaining at four teams. It was the only way of transitioning from the two-team BCS format, however. Ultimately, it will be the job of rational people to ram a stake through the black (and hilariously stupid) heart of Bowl mania. If they preserve the only five that matter, and that should ever have come to exist (Rose, Sun, Cotton, Sugar, Orange, and, maybe, Fiesta), then it will free-up a lot of space for more teams to be available to compete for a spot in the CFP. Or else shorten the regular season to ten games, and then sneak in the bowl games prior to meaningful stuff like the conference title games.