March madness is great because the both the big boys and the small schools have an opportunity. Football can never have the luxury of such a system because of the physical toll the games have on the players.

The P5 teams had a huge amount of leverage in creating the current system. The question is can a better system be developed?

I like the idea of eliminating the conference championships and have an 8 team playoff. The big conferences may not like this idea because of lost income. I think this could be worked out by how revenue is distributed and how teams qualify. Conferences should be ranked based on the overall success of the entire conference. The P5 teams get an automatic position and the revenue sharing of their games are based on their score compared to their opponent. The remaining 3 teams are determined by a playin games. This gives a total of 11 teams having a chance, while the P5 conferences get 5 guaranteed positions and revenue favors the conferences with the tougher schedules.