that is how I understand it. this year, the top-rated G5 Conf champ was Liberty from CUSA at #23 in the final CFP rankings. but in a 12-team playoff, they would have been the #12 seed.
complicating matters, with conference realignment and the end of the Pac-12, several of this year's top 12 teams will be in new conferences next year.
Washington #2 overall goes from P12 to B10
Texas #3 overall goes from B12 to SEC
Oregon #8 overall goes from P12 to B10
so - just for fun - if we re-do the playoffs with the 5+7 model while assigning teams to their new conferences, the automatic bids go to Michigan (B1G), Texas (SEC), FSU (ACC), OK State (B12) and Liberty (CUSA).
Mich, TX, FSU and OK State are seeded 1-4. Liberty is seeded 12. Seeds 5-11 in order would be Washington, Bama, Georgia, OSU, Oregon, Missouri and PSU.
so that is just an example of what the 5+7 could look like with realignment and only 4 power conferences.
I'd buy that for a dollar.