They were considering an 8 team playoff as well. It also failed. The report I read said that there were several different options presented for an expanded playoff, and each one faced significant opposition. The only conference that was in favor of all of the options was the Pac 12.
The Pac-12 Conference issued a statement following a lack of expansion in the College Football Playoff.
kslsports.com
"These six models include:
1. Qualification for the best 12 teams;
2. Automatic qualifications (AQs) for the six highest rated conference champions and six at-large bids (“6+6”) (the original proposal made by the CFP sub-committee in June of 2021);
3. AQs for the Autonomy Five conferences and one AQ for the highest ranked Group of Five champion, along with six at-large bids (“5+1+6”);
4. Qualification for the
best eight teams;
5. AQs for the six highest rated conference champions and two at-large bids (“6+2”); and
6. AQs for the Autonomy Five conferences and one AQ for the highest ranked Group of Five champion, along with two at-large bids (“5+1+2”)"