So in terms of principle, do people think the best teams should make the playoff, or teams that earned it?

In comparison, the (thankfully not perception based) NFL has a much larger playoff that can result in a Super Bowl between two teams not considered the best, but nobody can argue they didn't earn it. For example, when the two "best" teams play in the AFC or NFC championship.

Hypothetically, say there are two undefeated Power 5 teams (different conferences). A third team has lost twice (barely) but only to those undefeated teams, and has other impressive wins on it's schedule including blowouts against other proven opponents. Does this team deserve a playoff bid because they're a very good team (and likely better than some one loss opponents)? Or do you think the playoff committee should have a more "they had their chance and they didn't earn it" mentality?

I've purposefully not used any references to conferences, please don't drag them into this.