Have always said 8 team playoff. Power 5 conference champs, highest rated non power 5 team, and 2 wild cards. Then everyone has a chance to play in the playoff.
If this system had been in place in 2012, Wisconsin would have made the CFP as an 8-win Big 10 champion. Would you have been OK with that?
They didn't even make the AP Top 25 after their conference title, but under an automatic bid, there's a chance they would've supplanted an 11-win Georgia team, an 11-win Oregon team, a 10-win LSU team and about 5-6 other 10 or 11 win programs.