So, I dated the daughter of an Atlanta Blueblood family for 4 years in and after college. For those that don't get the concept, BB status means that in the past the family (or CFB team) was extremely prominent in the shaping of some type of society (USA as a whole, or maybe the south or Atlanta as in my GF's family, or CFB). One maintains BB status even if they have fallen on hard times, which most have or do. Think Nebraska. The bloodline gets watered down as the ones who took the family to prominence die off, and their imbecilic progeny, who get to live rich and not earn it, fuck everything up. You can see this in the English royalty, where the estates are getting sectioned off because the new generations are all neerdowells. This happened with my girlfriend's family even though they had houses everywhere and still lived large compared to everyone else. Everything was just kind of worn out. Sure, they had houses at many beaches, but they weren't kept up well because that cost money - a lot of money - the family simply didn't have because that was going to the 10 golf and yacht club memberships, and to support lifestyles for those not making any money.
So BB status in CFB has nothing to do with current status. Using one of my favorite teams that I grew up with, Nebraska, they are BB, no doubt. And even if they start winning, they are BB, not Nouveau riche. ND, Michigan (their current cheating success notwithstanding), and USC are also good examples. BBs are good for CFB, IMO, and it'd be nice if some of these programs could get successful again.