It's last season but Cincy has proven that they can compete with Georgia:
Expert recap and game analysis of the Georgia Bulldogs vs. Cincinnati Bearcats NCAAF game from January 1, 2021 on ESPN.
www.espn.com
It's their only loss in their last 18 games.
They do have the win over Notre Dame and were killing everybody early in the season. They've struggled a bit more in recent weeks, which gave the committee the opening to downgrade them:
2021 Cincinnati Bearcats Schedule | ESPN
The perennial reason for keeping out the G5 teams that run the table is to say that they would never be able to do that in a P5 conference. But you wonder. Could they do it in the ACC? The Pac12? The Big 12? If they did, where would they be ranked then?