So here's what it would look like this year using the committee's rankings an my own arbitrary rule of no more than two per conference. Five Power 5 champions and next three at-large. Higher seed hosts quarterfinal games next week with semifinals the same as they are now. Losers of the quarterfinals would also advance to New Year's Six games.
#11 Florida State @ #1 Alabama
#5 Penn State @ #4 Washington
#7 Oklahoma @ #3 Ohio State
#9 USC @ #2 Clemson
Without the two-per-conference rule:
#8 Wisconsin @ #1 Alabama
#5 Penn State @ #4 Washington
#6 Michigan @ #3 Ohio State
#7 Oklahoma @ #2 Clemson