First: Horrible injury, and horrible luck for Milton. That young man is a phenomenal athlete, and a large part of UCF's success. If they can win out without him (and they'll have to), it only adds to their argument that they belong in the CFP conversation, which...
Next: they don't. The transitive property (we beat the team that beat the two teams that played for the CFP championship) is weak at best. Put UCF in any of the P5 conferences, against a P5 schedule, and they're not even in the conversation. Again, just look at their SOS, compared to the top 6 or 8 teams from this year and last. That's the best way to make a realistic comparison, and it's here that UCF's argument falls way short.
That being said, UCF has been the at the head of the class of the G5 teams the last couple of seasons. Great? Yes. National Championship worthy? No. It is what it is, and UCF is the middleweight champ barking for a match against the heavyweights. If they get a NY6 Bowl against a team that really wants to be there (unlike Auburn), the weight differential will make itself evident.
I'll hang up and watch.