Here's an idea I haven't heard mentioned before. How about a 5-team playoff with a play-in game similar to MLB playoffs that takes place 2 weeks after the conference championships (Dec 20 this year). The play-in loser still goes to a New Year's Six bowl (such as the Cotton Bowl this year). A committee still picks all 5 teams but this allows the possibility of each Power 5 conference getting a team in. Also, this could be used to get a non-power 5 into the playoff if one of the power 5 conferences has no strong teams.