Here is how I would rank it.
Football (not in order and counting all-time)
Blue Bloods: Alabama, Notre Dame, Michigan, Ohio State, Oklahoma, USC, Texas
Elite just outside: Georgia, Tennessee, Auburn, LSU, Penn State, Florida, Florida State, Nebraska, Clemson, Miami
Solid programs but not enough history: Iowa, Wisconsin, Oregon, Washington, Texas A&M, Ole Miss, UCLA, Michigan State
Had Title runs/great periods but likely won't be back: Minnesota, Georgia Tech, Syracuse, Pittsburgh, Arkansas, Stanford, Colorado
Basketball
Blue Bloods: UCLA, Kentucky, North Carolina, Duke, Kansas (notice they are all have a form of blue in color scheme. This was origin of the name
)
Elite just outside: UConn (have argument for Blue Blood status lately), Indiana (at one time, they were probably blue blood), Michigan State, Louisville, Arizona
Solid programs but not enough history: Arkansas, Florida, Baylor, Syracuse, Purdue, Virginia, Maryland, Gonzaga, Marquette
The final category is just not applicable to Basketball. Any program can compete. There are some that had strings of success along time ago (like Oklahoma State or NC State) that seem to kind of fit this description but even they could come back.