I have a much better solution. There is a specific committee that is flown into Dallas every weekend to discuss things, so clearly they must have their shit together. So instead of a 4-team or 8-team playoff, why not just let the committee decide how many teams will be involved. This year, it pretty clearly would have been six teams. The top two teams would get a bye (although it is absurd that Florida State was not ranked in the top two, but I could write a whole post on that), and the other four would battle it out to get it down to four teams. With this strategy, you get in all the best teams without any of the extra riff raff.
Now this would put a lot more stress on the committee, because they would basically be shitting on Mississippi State, but that's okay, as you can definitely draw a line between them and TCU. It works no matter how many teams you put in it. TCU, Ohio State, and Baylor all could have lost and Oregon would have played Florida State for the right to play Alabama in the national title game.
There would be some logistical issues about scheduling the bowls with when and where they would happen, but logistics should not be what stops us from finding the one true college football champion. This is what America needs to focus all of its resources on. The battle of these schools in proving their athletic supremacy is essential to what we stand for as a nation. This is a $100 million idea, and sorry student-athletes, there is no leftover money for you.
Thanks in advance for the check, NCAA.