Dunno cal Husker, Bowl games are a dime a dozen and have very little of their old luster left, it's just a money grab these days.
I do agree with your second point, this new playoff is going to be very controversial as well, for me it's a partial step in the right direction , take this step and hope it will expand the number of teams in the next 10 years, but it still clings to opinions as a basis. For me it should come down to champs from each division to get a shot at a national championship.
As Far as B ball, there is almost no controversy by the time you get to 60 and up, the chance of the sport being robbed of a champion from that bracket is next to nil.
Your fourth point is similar to third and yes, there will be lots of tears, unfortunately this is still an extension of what we have now and there would have been the same tears anyway. However at least two more deserving teams(bar sec hype) will get a shot at this.
As far as you final thoughts, I sort of agree also, but I don't think it will get worse, it will just be almost as bad. Yes the games will still be mostly in the South, yes the hype machine like espn will favor teams where they invested billions into a network.
However every year for decades I often wanted to see that third and fourth seeded team play, I am pretty damn positive that little sec run would have never happened with a 4 team playoff as there were some outstanding teams that were snubbed. Overall I think it will be slightly better but for me at least even a slight improvement is a step in the right direction.