I'd be OK with that, although there isn't much difference between a 6-6 and 7-5 team in reality.
I'd make smaller schools apply for a waiver to prove that they deserve the chance to play the big boys. They'd need to show a good recent record against non-P5 competition, recent conference titles, etc. Until then, you're stuck at the kid's table.
UCF would certainly pass that test. Since 2010: two conference championships, 28-8 in CUSA/AAC play, 6-1 against other G5, wins over Georgia, Boston College, Penn St, Louisville, Rutgers, Baylor, 3-0 in bowl games, BCS bowl win, three 10-win seasons, finished ranked twice. I imagine ECU, Boise St, and BYU would do well comparatively. If any of those schools had P5 resources, I think they'd be competitive. Some of the "big boys" certainly need to be looked at, too.
I'm uneasy about the talks of creating a new league composed of just P5 schools. I went to UCF for undergrad and LSU for grad school, so I've been able to see things from both perspectives. CFB would certainly be great without FCS and bought gimmie-games, but I don't want to see my alma mater get left behind. It may seem hypocritical that I'd be fine with it if UCF made the cut, but we have invested in the program a lot more than most G5 schools have, and we already have pretty decent attendance (one of the few G5 schools over 40k average). If shit does hit the fan, at least I've got LSU to root for.