Oregon Ducks (aka U of Nike)

[CincyInterloper]

I would say that "elite" is much more of a thing specific to a season. For example, Ohio State has been elite for a couple of years, but not every year. Indiana has probably never ever been elite, but they may be elite this year.
Using my interpretation, I would say that Oregon has been elite at times in the past. But they aren't elite very often.

I agree with this. I think we may be conflating being a blue-blood with being elite. If you analogize being elite with being rich, we basically have new-money fans annoying the old-money fans by boasting how rich they think they are, and the old-money fans are like "if you still have money in 20 years, then we can talk. Until then, go get your shine-box."