I would prefer a system which is an 8 team play-off which includes the B1G, SEC, ACC, and B12 only. Each team gets 2 teams - and first game is the conference championship. If you cannot win your own conference, you have no business being named National Champion. If you are not in the Big 4 conferences, join one if you want to compete for this. If you are independent, tough luck.
Of course, this will never happen because the SEC will demand unlimited do-overs so they will want 4-5 teams vs. the 2 for them.
For the B1G - would it have mattered if USC beat OR today and then both them and OR slide into the play-offs as low ranked teams? No one in their right mind would say USC was going to run the tables so having 4 vs. 3 B1G teams really makes no difference to me. Having a G5 school is the same - they are not going to win it all so why bother? At this point, it is literally just the SEC trying to game the system because they try to protect their teams during conference pay so top teams don't play each other until the championship.
BTW, when I looked at the Top 25 coming into this week - Mizzu (3 losses) had yet to beat a team with a winning record and were ranked in the top 25. Tennessee (3 losses) was also ranked in the top 25 with its only win against a team with a winning record being an FCS school. Keep in mind these are the type of 'quality wins' that the Bamas and Texas A&Ms hang their hats on to justify their rankings. Even for Ole Miss - they have beaten 3 teams with a winning record - Oklahoma (quality win), Tulane (non-P4), and LSU - which is a dumpster fire and no different than beating Penn State this season and they are in the top 6 in the nation. I don't see any scenario in which most of these SEC teams they are fighting to include have any chance of winning. Texas? They are middling. Vandy? Again, they only beat the other middlings like Mizzu (which will be unranked after this week).
The SEC has Bama, Georgia, and A&M (A&M escaped multiple games) this year with a legit shot at the championship. If you are a serious person, you know that Ole Miss and Oklahoma have no real shot. Even for the B1G - we have the IN vs. OR head to head already. After we have the B1G championship, we will have OSU vs. IN decided. Why bother giving a do-over to OR or the loser of OSU vs. Indiana? We only demand it because the SEC gets do-overs.
Sorry, a lot of text but it boils down to: 8 team playoff of just let the computers decide the top 2 teams and let them play. The expanded playoffs and the human element rather than computers have ruined this system and will continue to alienate fans.