Let me start by stating that I don't like the idea of having more than four teams in the playoffs. I like the format as it is and for all of those clamoring for six or eight teams, I have a solution that should appease you.
First before anyone can be weighed for the four deserving spots. Every team (looking at you Notre Dame) shall be in a conference. This is necessary to weigh each team accurately so that the results will be standardized. If this were done this year, Clemson and Notre Dame would have squared off in the conference Championship game or played in the regular season. This is assuming Notre Dame joins the ACC.
Second, for those that want a template for acceptance, minus the bias and subjectivity, I present to you the "Conference Champions Only" rule. I believe that the four highest rated teams from every Conference Championship victory should have the right to play for the National Championship. If you belong to a non-power five conference and believe you are due an opportunity to play with the big guys, play the big guys on your non-conference slate. Earn your ranking.
Third, no FCS games for those attempting to be crowned National Champ. If this can't be mitigated because of the beneficial payouts these schools receive, then at least make it so none of these games are scheduled past week four. A game against an FCS team should not be viewed as a win.
Next, in the same vein, we need to standardize the scheduling of all conferences. There is truth to the benefit some conferences receive when they schedule eight conference games, thus resulting in less losses for that conference's mid tier talent. We have learned that the committee values losses and the way you lose, more than they value wins. When your Mississippi's finish the season 8-4 instead of 7-5 by avoiding another conference opponent, it gives the appearance of being a quality win. Other conferences that play 9 games a year don't have the same luxury nor perception.
This system still makes the regular season mean something. This also makes those Conference Championship games the defacto Quarterfinals. If Boise State, UCF or Fresno State load up their non-conference slate with power five teams, and go undefeated, that should go a long way to ranking them high enough to jump a one loss or two loss P5 Conference Champion. If they choose not to intensify their schedule then they can be happy being ranked 6-10 and keep things status quo.
There shall never be more than one team per conference in the playoffs. Your chance to represent your conference came in the regular season and CCG. Sorry Georgia, finish the game or get left out. Ohio State suffers the consequences of losing and so should you. It doesn't matter who the opponent is. If you want to say you are the best, then you have to beat the best.
This system removes the need for a committee. It does not appear that their rankings are any different than the BCS metrics anyhow. Regardless of how flawed the number system is, I can't really see how the values can be debatable if applied to this years eligible playoff participants.
I am interested in your input, improvements or identifications of flaws.