I think an 8-team playoff would make the conference championships more meaningful. If they go to 8, it's an almost certainty that the five P5 conference champs would get auto-bids (that's the condition needed for the conferences to agree to it), and maybe an autobid to the highest ranked G5 team. So PSU would've been in, regardless of ranking. And if UF had somehow beaten Bama, they would've been in -- under the current system, Bama would have been in win or lose last weekend, and UF would've been out even if they won. Here's how it would look this year (courtesy SB Nation):
Other than a rematch of The Game, it provides some pretty solid match-ups (of course, if the committee knew they were taking 8, they might rejigger the rankings to get the match-ups they want, or rather avoid the match-ups they don't want, just as the MBB committee does with March Madness). Plus, the first round of games could be on the campus of the higher seeded team. So you could have the possibility of, say, Bama, UF or LSU having to travel to Columbus, AA, or Madison in December to play -- THAT would be awesome.