I think it’s a long shot for Utah, but not impossible. The stars have to align. The only way I see it happening is to follow the Michigan model of keeping kids in the program for 3-4 years that could otherwise go to the NFL. Utah has to get some luck recruiting, keep developing NFL talent, and then keep everyone around so that they can catch lightning in a bottle come playoff time.
Interestingly, I think Utah’s chances in a 12-team playoff are a lot less than when it was 4-teams. TCU was was one game away, but I don’t think that team makes 3-4 wins in a 12 team playoff situation.