The problem with the current setup is 5 conferences playing for 4 spots waters down the conference championships. Then say SEC gets 2 in and ND gets in, then there are 4 conference competing for 1 spot.
For me it is a simple fix. 8 teams, using CCG games as the 1st round of the playoffs, which would essentially create a 12 team playoff. An actual 12 team playoff is no good, because bye teams would lose out on revenue / gate sales.
For example, the 8 team playoff bids in 2019 could have looked like this. Teams in parenthesis indicate CCG loser, which is part of the 1st round. (2020 was too F'd up to use as an example)
ACC Champ - Clem (UVA)
Big 12 Champ - OK (Bay)
Big 10 Champ - OSU (Wisc)
PAC 12 Champ - ORE (Utah)
SEC Champ - LSU (UGA)
Highest ranked non-P5 Champ or Ind - ND
Nest highest ranked non-P5 Champ or Ind - Memphis
The 2nd Chance Spot - Highest ranked P5 CCG loser - UGA
If there are not enough ranked nonP5 champs, then take next highest ranked P5 CCG losers.
Under this set up
The CFP Rankings show would still generate interest for the non P5 teams and eventual P5 CCG loser.
The CCG would have significant meaning as the unofficial 1st round of the playoff
Regular season OOC matchups could improve because schools could schedule higher caliber competition without the fear of a loss destroying the season.
One P5 CCG loser gets a 2nd chance
NonP5 teams finally get a chance to make some noise.
All D1 teams have a chance to make the playoff. Currently only about 50% are eligible to make the playoff