I don't beliver they are technically auto bids for the ACC & Big 12. It's the top 5 ranked conference champions. Theoretically, it could include the Sun Belt, American, & CUSA. I could be wrong about that.These auto bids for ACC and Big 12 are a joke. Good teams will be left out because of it. BIG and SEC should have the only 2 auto bids and the rest by rankings. There are 2 premier conferences. The rest are awful.
Practically speaking, the ACC or Big 12 champion WILL be among the 5 highest ranked conference champs. But it's not a foregone conclusion.
And, again if I'm understanding it correctly, there could be a theoretical situation where there's a major upset in a P4 conference championship game that leaves the loser as a top 12 CFP team and the conference champion not among the 5 highest ranked conference champs. Like, say Miami was undefeated and #1 going into their conference championship and lost to a #25 3-loss Louisville. Clearly that's not going to be the case, just the most realistic hypothetical I could come up (before Miami's loss this weekend).