It is disappointing to me that this has to be a conversation. It doesn't need to be an argument about P5 vs mid-majors. It doesn't need to be about arbitrarily choosing the best teams. It can be about choosing the most deserving teams. In fact, it doesn't need to be about "choosing" anything.
I have a big problem with a bunch of old guys arbitrarily choosing who has a chance to win the title. If it were me, the playoff would be 6 teams. The 5 major conference winners, and the highest ranked mid-major. Bring back a modernized BCS ranking system to rank the top 25 and ultimately choose the top mid-major and who gets the first round bye. No more humans. No more controversy. The problem with the BCS was not that it was a computer, it was that there are always more than 2 deserving teams to play for a title.
3 plays 6 and 4 plays 5 next Saturday. The winners go to whichever bowl game is slated for the semis that year. No conflicts with finals week.
Part of me honestly believes ESPN lobbied for this system so that we could keep the controversy, and keep the eyes on the TV and the news articles. It didn't need to be this way. There was a way to realistically make 95% of people happy and remove 100% of the uncertainty.
The way it is now, a small conference school cannot win a title. If we're not going to change it, just come out and say that so that the small conference schools can go create their own playoff. Stop lying to them.