This solves nothing. There will still be schools/conferences that feel they have been slighted because they are outside the top 4 teams. Who would the top 4 teams have been this year? OSU, LSU, Georgia and USC? It would seem to me that schools like Oklahoma WVU or Va Tech would argue they should be the 4th team over Georgia or each other.
IMO the solution is straight forward:
1) Allow schools only 3 non-conference games if the conference has 10 or more members. I'd rather see ISU play Baylor than NDSU or UNI.
2) Get rid of conference championship games. Each conference would establish their own rules for determining a regular season champion. The regular season champ in the ACC, Big East, SEC, Big 10, Big 12 & Pac 10 would get an automatic playoff berth. The 2 top ranked teams which are not conference champs would also get a playoff bid.
3) The Friday/Saturday before Christmas would be round 1 at the higher seeds home:
- Game 1 Fri - Ohio State vs. Kansas
- Game 2 Sat - Georgia vs. West Virginia
- Game 3 Sat - LSU vs. Va Tech
- Game 4 Sat - USC vs OU
3) The Saturday before New Years have round 1 winners play at the Orange, Rose or Sugar Bowl sites.
4) The Friday after New Years the championship game is held at the location not used for the 2nd round.
The bowls would continue as today. Teams in the 8 team playoff cannot play in a bowl game.