The real crux of the issue is that college football has become a monopoly where only Bama & Clemson are allowed to compete. Even other powerhouse schools like Oh St & Notre Lame are running in 2nd place on an annual basis trying to catch up to Bama & Clemson because the powers that be at the top in the NCAA have created a racket where only the good ole boys can win in the end.
There's very little championship level parody because literally only 2-3 schools tops get to buy/hoard all the elite players. The hyper spending by programs like Michigan, Texas, TAMU, Oregon, PSU etc, is a response in trying to find a loophole in the system to undercut the stranglehold Bama has on the world of college football.
The NCAA allowed Bama to become a monolithic immovable object that takes a historic team with elite NFL talent to topple them over. College Football is just about who knows how to cheat the best, if you can buy all the best recruits & juice'em up with the best PED's money can buy then you'll be able to go on run.
But here's the kicker, don't get too good, because that spot is reserved for Bama & if you start kicking up too much dust the NCAA will put a stop to it.