It's egregious enough to see teams with mediocre seasons climb into the BCS bowl games because they happen to be in privileged conferences, while others with better records are written off as second-class citizens. When we cannot see how these decisions are made, it becomes an affront to the concepts of integrity and fair play that we claim to value.
When C. Wright Mills wrote of the "power elite", I doubt he was speaking of universities and intercollegiate athletics. If he were still around, there could be a great second edition, this time focused on where elitism really runs rampant and takes Division 1 football players from some conferences and restrains their ability to compete. I hope you noticed my choice of the word, "restrain". I trust we will all be hearing more about "restraint" unless presidents step up and do the right thing.