While I am very happy we made it in, I do feel bad for Baylor and TCU and still think an 8 team playoff should happen soon.
There are a few ways you can do this. The best would be to keep the current system, but add a quarter final game sometime in mid-December after conference champ weekend. The top four teams would host the bottom four teams on their campus. Not too worried about attendance at these games.
Alabama hosts Michigan State
Oregon hosts Mississippi State
FSU hosts TCU
Ohio State hosts Baylor
And can you imagine an SEC school having to play in Ann Arbor in December hypothetically? Yeah me neither, let's not fool ourselves....There would never be a playoff game in Ann Arbor :)