Media days and camp starting will increase the chatter.
I do agree, that with so few teams that seemingly have a shot at the title, it probably lessens the excitement for a lot of programs. With the playoff, there are technically more spots available at the table vs the BCS (4 vs 2), but we are in a rather unprecedented time (at least in the past 30ish years that I recall) where the powers at the top are in fully operational death star status and the talent collected is consolidated to a handful of programs.
The Pac 12 is already eliminated, essentially. I don't think any team is elite, and I see a few good teams and a bunch of mediocre teams and no way that one team comes out as a zero or one-loss champ. Likely a 2 or 3-loss champ is eliminated.
In the Big 10, I don't see another team capable of being a zero or one-loss champ outside of the Buckeyes. Michigan is the trendy offseason pick (surprise!), but their schedule is brutal (@ Wisconsin; @ Penn St; ND, Sparty, Bucks, Iowa all at home). Losing none of those is a virtual lock to not happen, and only losing one seems unlikely.
Big 12 is basically Texas and OU. They will likely have to play each other twice to win the conference, which means that whoever loses the regular season matchup can't lose another regular season game, and the loser of the champ game would also be likely eliminated. Basically, it wouldn't be a stretch to see them knock each other out thanks to the schedule, but I think one of them makes it.
That leaves the SEC and ACC. We know that 2 of the 3 are likely already in (Clemson, Georgia, Bama), and possibly all three, depending on how it all shakes out. They also happen to be 3 of the most talented teams in the country, so they will be given the benefit of the doubt.
All that being said, College Football hasn't lost it's mojo IMO. These are still 18-22 year old kids, and a lot of crazy shit happens every year. There will be some massive upsets, as there almost always are, let's just hope it's not the Bucks on the road at a West division opponents stadium. Is that too much to ask?!?