IMO there needs to be very clear requirements to be eligible for being playoff eligible.
For P5 programs, to be eligible for playoff, their 12 games should be against 10 P5, 1 G5 & 1 Other.
For G5 teams, to be eligible for playoff, their 12 games should be 1 P5, 10 G5 & 1 Other.
I see no reason why P5 Conference Championship Games should continue. Just a money grab if conferences continue. Conferences need rules prior to season for determining champ based on 12 regular season games.
IMO no committee should be used to pick the 12 teams. Each P5 Champ should get an automatic bid and then next 7 highest ranked teams. Ranking should be based on pre-determined calculation (not polls).
Also the top 4 ranked teams should get bye. The first round games should be at higher ranked team's home. In the 2nd round games should be at neutral site based on top 4 ranked teams conference pre-set location. For example Big12 may be Dallas, SEC in Atlanta, etc. The semifinals would be at historical Bowl sites, same as current process.
I don't hate this idea, but with how scheduling currently works I'm not a huge fan. It takes two teams to agree to scheduling a game. Maybe there would be enough of an expectation for teams to follow this that it would all work out, but I don't think that's guaranteed.
However, if conferences handled scheduling of certain non-conference games, like in the Big 12-SEC challenge in basketball, it might work better.