These subjective committees are a piece of work. While I pine for a playoff with P5 conference champs plus highest ranked G5 champ and 2 at large, I am sure it won't happen. Having the 6 highest rated conference champs with 2 at large probably will have just about the same result. I would tweak what you said with limiting participation to a max of 2 per conference. Nobody wants to see 3 SEC teams in an 8 team playoff except of course for the SEC.

The old BCS was not so bad with its use of averaging computer ranking systems along with the Harris Poll and Coaches Poll. VT's Ken Massey system was among the best of the computer polls in my opinion. Linked is a 2010 article from an Oklahoma writer that talked about the BCS and how it was formed and worked. Interestingly, the guy's disillusion with the BCS is the same problem that we have today, i.e., that teams included are decided by people at computers and in committee rooms rather than by results on the field of play.