There are 11 votes (10 FBS conferences + ND) in the CFP.
From the Wikipedia page:
According to the CFP website, the system's operations are controlled by the Board of Managers, which consists of presidents and chancellors of the playoff group's member universities. The eleven members have sole authority to develop, review and approve annual budgets, policies and operating guidelines. The group also selects the company's officers.
Eric Barron – President, Penn State (Big Ten)
Rodney Bennett – President, Southern Miss (C-USA)
Joe Castro – Chancellor, California State University; former president, Fresno State (Mountain West)
Gordon Gee – President, West Virginia (Big 12)
Jack Hawkins – Chancellor, Troy (Sun Belt)
Rev. John I. Jenkins – President, Notre Dame (Independent)
Mark Keenum – President, Mississippi State (SEC)
Kirk Schulz – President, Washington State (Pac-12)
John Thrasher – President, Florida State (ACC)
Satish Tripathi – President, Buffalo (MAC)
R. Gerald Turner – President, SMU (The American)
So how do the three banding together constitute a majority? I suspect you were thinking about just the P5. But per above, that's not the only ones who have votes.
Agree about the the rest of it.