Yeah, UGA will likely start 2024 ranked #1, and almost certainly will make the 12 team scheme. The four teams selected were conference champions, UGA and OSU weren't. FSU has a better technical beef.
UGA has some tough road games next year though they are favored in each so far, Texas, Bama, Ole Miss. I'd guess they lose at least one of those, two is very possible as well. They start with Clemson in ATL. That said, UGA has a lot coming back of note, which of course doesn't mean they are likely to win an NC.
There is no perfect system, and I find it far easier to criticize rankings or whatever than propose my own.