Update for 2020 from Bud Elliott: Link
For those unaware, Bluechip ratio is the percentage of 4-5 stars players on a team. No team has won a natty in the 'modern' era of CFB (since the inception of the BCS) without a 50% bluechip ratio.
Put simply, to win the national championship, college football teams need to sign more four- and five-star recruits (aka "Blue Chips") than two- and three-star players over the previous four recruiting classes.
Another relevant quote:
This is a necessary, but not sufficient, condition. It does not guarantee a national championship, but a team not meeting it is almost certainly guaranteed not to win it all.
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