Based on tonight's rankings an 8-team playoff could look like this:
#8 Boise St* at #1 Alabama
#7 Arizona (or #7 Michigan St assuming Arizona loses Pac12 championship game) at #2 Oregon
#6 Baylor at #3 TCU
#5 Ohio St at #4 Florida St
*I put Boise St here because I assume they would include the top non-Power 5 team in an 8-team playoff
Honestly I'm not sure this is much better than a 4-team playoff with the exception of OSU-FSU. I think a 6-team playoff would be better with all Power 5 conference champs plus the top non-Power 5 champ:
#1 Alabama BYE
#2 Oregon BYE
#6 Boise St at #3 Florida St
#5 Baylor at #4 Ohio St
EDIT: One thing I didn't think about earlier is that a 6-team playoff would make nonconference games essentially meaningless, so I think an 8-team playoff would be more realistic.