I can almost see this happening at the final CFP ranking meeting after the conference championship games:
"James Madison deserves to be in a CFP bowl, but since it wasn't even allowed to be in the Sun Belt championship game, it has to be ranked high enough for an at-large berth."
"Well, my only problem with that is, we already have to invite Air Force {assuming it won the Mountain West championship and was the only other ranked non-Power 5/Notre Dame team}. Do we need two CFP teams in the bowls?"
"That's just it - we can stick James Madison and Air Force in the Fiesta Bowl as a prototype for a 'Group of 5 Championship Game,' and if it works out, we can split off all of the minor schools into their own playoff while keeping the main playoff (and, much more importantly, all of that sweet, sweet playoff TV money) for the big boys."
"Just as long as you're the one who has to explain to the team whose CFP bowl spot got taken away by this idea why they're playing in the Gronk Bowl."

This is about what I see happening.

And isn't the Go5 best is voted on by the group, isn't that a defacto Go5 Championship, even though no one recognizes it, even the polls, etc.?

Mike

> And isn't the Go5 best is voted on by the group, isn't that a defacto Go5 Championship, even though no one recognizes it, even the polls, etc.?

It depends on what you mean by "voted on by the group." The only time there is a separate vote to determine a "Group of 5" champion is when none of the five conference champions are ranked in the final rankings, which, AFAIK, has never happened.

As for the highest-ranked Go5 team being the de facto champion, is it still considered the best Group of 5 team if it loses its bowl game? You can make a better case for the highest-ranked Group of 5 team in the final coaches and AP polls (which, to be fair, is usually the same team).