I think when it is said and done, the 4-team playoff will be more disliked than the previous BCS. Under the previous BCS, the unwritten rules were pretty straight forward to make the MNC game. You had basically had to go undefeated and be from a power conference, and normally you were in. I know there was a year or two where we had 3 undefeated teams, but otherwise it was be an undefeated team, and if there were not two undefeated teams then the 1-loss team from the SEC went. Right or wrong, unwritten or not, those were the rules and they were mostly straight forward.
With 4 teams, I think politics will be taken to a much higher level. Sure, there will be an undefeated team or two that are locks, and right or wrong the SEC champ is probably a lock. This leaves 1 to 2 spots left for several 1 loss teams, and likely no easy way to pick one over the other, which will lead to a lot more controversy.
The east division winner will more than likely be a 1-loss MSU or OSU team. The west division champ could be a 1-loss Nebraska team. There is a decent chance the winner of the B1G CCG will only have one loss, and regardless if it is MSU, OSU, or NEB, I still don't think they make the playoff. Here is why: 1) the SEC champ is a lock. 2) Given the ACC is weaker than the B1G, and given FSU's schedule, they are probably a lock. 3) Unless the PAC implodes, a 1-loss PAC champ would likely get selected over a 1-loss B1G given the OOC games. 4) This leaves 1 spot left for: Notre Dame, who has a fairly easy schedule, the SEC #2 team who will be sensationalized by SECSPN, a potential 1-loss B1G champ, and potential 1-loss BigXII champ. (Not saying I agree with it, but I put those last four in order of how I think they would be selected).
Be it Nebraska, MSU, or OSU, I don't think winning out will be enough for a playoff berth.... and the 4-team playoff hatred begins.