It isn't absurd because they have no chance (although they wouldn't, Serra was the biggest fluke in MMA and Lutter can't even win outside the UFC, he wasn't ever beating Silva). It is absurd because it just isn't fair. There are going to be multiple guys in any division that will have similar or better records against better competition than the guys who win this show.
Lutter did better against Silva than pretty much anyone except Sonnen did, and that includes former champions from different weight classes. Lutter could have been a serious force in ufc if he had ever invested enough into his cardio, even with that crappy cardio of his he put both Silva and Franklin into very tough spot and was so close to finishing both of them before eventually gassing out.
Also, like the Serra victory or not, it happened. People with much better striking than Serra couldn't pull it off and still haven't been able to. Sure it was a huge upset, but that is mma for you.
If you really want big names into the show it really requires something big like a title shot to pull them in. MW and WW divisions are pretty much cleared anyway already and giving 1 shot to a guy that wins the most likely biggest TUF season so far wont exactly screw anyone over anyway, because most people who have deserved their shots have taken them and failed already.
"When I land that left hook, the fight will be over." -Paul Daley (He called it!)