Defining “elite” is a subjective matter.
In my opinion, there are at least 35 elite National Universities and an equal number of elite LACs.
Schools such as Tufts & Georgia Tech and Boston College are clearly elite to me just as are Skidmore College, Mount Holyoke College, Kenyon College & Bucknell University, yet none are ranked higher than #25 by US News & none have an acceptance rate lower than lower than 12%. Williams College–probably the most elite LAC in the country–has a very generous acceptance rate especially so for ED applicants.
In short, trying to define “elite” simply as any school accepting less than 5% of all applicants is a bit shortsighted in my view.