To me it's as simple as the winner of each P5 Conference, with the highest ranked team getting a pass, them playing the lowest seed next round.
The rematch between Alabama and UGA will be boring for me.
This year a yes, most years with the same record no. It just happened to break Cincy's way this year for them to be even in the conversation. Most years you have 2-3 undefeated P5 teams and a bunch of 1 loss P5 teams.