They only lost their luster if you don't understand (or believe in) the depth of the SECw. These pundits see all of those 3-4 loss teams in the SECw as proof that the SECw is average at best. They ignore the fact that almost all of those losses came to other teams in the SECw, and that the SECw dominated the rest of its collective schedule.
Again, the strength of your conference is no longer an advantage with the playoff. It is being used against you. If the SEC doesn't win the championship this year, this story line will become even more prevalent. The rest of the college football world wants to use the playoff as proof that your SoS is inflated and that the SEC isn't, and never was, all that great.