I would be a fan of this format.  Conference champions only.  Up to each conference how they would determine their "best" team".  Every D-1 team technically starts the season with a chance at the playoff.  No more small conference whining, and no more SEC whining about how they deserve multiple bids, which would surely be amplified, should the playoff expand to 8 teams.

The 4 weakest conference champs would play into the final 8, and higher seeds get home games in the round of 8, before the final 4 looks as it currently does.

No committee would be needed to determine a conference champion, and the only subjective part would be seeding the champs.

This year, it would have roughly looked like this:

1 LSU vs 8 App State - 9 Florida Atlantic winner

4 Oklahoma vs 5 Oregon

2 Ohio State vs 7 Boise State - 10 - Miami (OH) winner

3 Clemson vs 6 Memphis