They missed the boat when they first created the playoff system. The perfect system was right in their face, but they either didn’t look or were persuaded to look around it. How the playoff should've originally been created was to use the existing bowls and their tie-ins as the foundation. That gets you all 5 P5 champs in, with a G5 champ, and 2 at-large teams. Your playoff would look like this:
“Round 1”
SEC champ vs. At-large/G5 in the Sugar Bowl
ACC champ vs. At-large/G5 in the Orange Bowl
Big 12 champ vs. At-large/G5 in the Cotton Bowl
PAC 12 champ vs. B1G champ in the Rose Bowl
“Round 2”
Sugar Bowl champ vs. Orange Bowl champ in the Peach Bowl
Rose Bowl champ vs. Cotton Bowl champ in the Fiesta Bowl
Championship
Peach Bowl champ vs. Fiesta Bowl champ
This format keeps all of the NY6/BCS bowl games relevant each year, maintains strong ties for conferences to a big bowl, gets all of the legitimate contenders in the playoff, AND provides clear and unquestionable criteria for making the playoffs. If that was the format they chose for the original playoff I think all of college football would be in a healthier place today. No chance conferences would be cannibalizing each other the way they are currently IMO