p.s. one definition of elite might be this: Power 5 teams who made it into the College Football Playoffs or the BCS championship game, or won their conference title in a given year.
So how many teams are elite, using that metric? This shows how the answer depends on how long your memory is. From 2016 to present, only eight teams are elite by that definition. While from the start of the BCS era to today, 35 teams make the grade:
2017 (6): Alabama, Clemson, Oklahoma, Ohio State, USC, Georgia
2016 (8): + Penn State, Washington
2015 (10): + Michigan State, Stanford
2014 (13): + Florida State, Baylor, Oregon
2013 (14): + Auburn
2012 (17): + Wisconsin, Kansas State, Notre Dame
2011 (19): + LSU, Oklahoma State
2010 (20): + Virginia Tech
2009 (21): + Texas
2008 (22): + Florida
2007 (22): --
2006 (23): + Wake Forest
2005 (24): + West Virginia
2004 (25): + Iowa
2003 (27): + Miami, Michigan
2002 (27): --
2001 (31): + Nebraska, Maryland, Illinois, Colorado
2000 (31): --
1999 (31): --
1998 (35): + Tennessee, Syracuse, Texas A&M, UCLA
Generally speaking, the further back you have to go in time to find a team listed, the less likely they are to be considered elite today.
There's another element to that, in how FREQUENTLY a team makes the cut. Alabama and Oklahoma are all over the record books of the past twenty years, where Tennessee, Nebraska, A&M, and other teams only met the criteria once. That'll have a bearing, too, on how they're viewed today.