Were talking 2004/2005, right? Yes, where you are ranked at the start of the season matters, absolutely. (Which is one more reason I think that teams should remain unranked until week 8)
IIRC, there were 3 undefeated teams that year. Auburn, Boise St., and (Urban Meyers) Utah. Also, USC had just been left out the previous year, even though they had probably earned a chance to play. I'd love to be able to say that these things happen in a vacuum, but they don't. I will stand by my statement that an undefeated, defending national champion FSU, having won 29 straight games (albeit in ugly fashion) would NOT be sitting out of the NC game if we were still in the BCS era.
I think we can all agree that what we have now is better. But it's still not enough.