I think most of us concur that Cincinnati has a solid team, very good, but probably not on a par with the top five or so. Maybe all of us think that.
Maybe they get blown out in a CFP game, but if we believe they are on a par with say Ole Miss, they would have a chance albeit not a great chance of beating a "UGA/OSU".
And I don't know currently who "deserves" the spot more. OSU/UM will resolve, Oklahoma State will win out of not, I can't put ND ahead of them unless they lose. If Bama edges UGA it gets complicated of course, but if not you have 2 slots left (presume OSU/UM gets one). I don't see another likely candidate.
This assumes much of course, like UC has to beat Houston. It's better for them if OkSU loses of course. The ACC is out, the Pac is out, so ....