16 teams is coming soon, and I wouldn't be shocked if it went to 24 honestly. Add more teams and have wild card games. The championship games are already meaningless other than the bye/seeding for a top team, and automatic qualification for a team outside the top 12. End the regular season at 12 games and move right into the playoffs. TV ratings would be astronomical and it'll print $$, so it'll expand at least 2 more times imo.
16 seems like a good number, to me.
Keep regular season, and conf championship games how they are currently.
B10, ACC, SEC, B12, and top ranked Group of 5 conference champions get to host first round playoff games.
11 At large teams.
Outside the 5 conference champs that get to host games, all the seeding is based on the rankings. So its possible the number 1 overall seed is an at large team (Notre Dame maybe)...maybe Georgia is undefeated regular season, loses to a 3 loss Bama team in the SEC title game...Georgia gets number 1 overall seed still, Bama also gets to host 1st round game by winning conf championship.
Same system as we have today, selection committee, CFP rankings, etc...
2nd and 3rd rounds known as the Bowl Rounds... and handled similarly to how they are today...
If there are B10 teams remaining, highest rated B10 team plays in Rose Bowl.
Same stipulation for SEC/Sugar Bowl, ACC/Orange Bowl, B12/Fiesta Bowl
Cotton and Peach Bowls host Final Four every year
Natty game rotates every year
With Current Rankings, this years first round playoffs would look like (this will change tonight, I know):
1 Oregon hosts 16 South Carolina
2 Ohio State hosts 15 Ole Miss
3 Texas hosts 14 Alabama
4 Penn State hosts 13 Clemson
5 Notre Dame hosts 12 Indiana
6 Miami hosts 11 SMU
7 Boise State hosts 10 Tennessee
8 Arizona State hosts 9 Georgia
If it all went "chalk"...
Rose Bowl = 1 Oregon vs 7 Boise State
Sugar Bowl = 3 Texas vs 5 Notre Dame
Orange Bowl = 6 Miami vs 4 Penn State
Fiesta Bowl = 8 Arizona State vs 2 Ohio State
Cotton bowl = highest remaining seed versus lowest remaining seed (Oregon vs Penn State)
Peach bowl = other two teams (Texas vs Ohio State)
Could get weird when it doesn't go "chalk"... But the overall framework seems like it'd work, it'd preserve, if not strengthen the conf championships, it'd give more teams incentive to play it out until the end of the year, etc...