The folks over at Football Outsiders have come up with a pretty good playoff proposal for Div I FBS College Football. It incorporates all the conference champs, 5 at-large teams, and allows for the continuation of the current bowl system. The only things that are dealbreakers are probably the elimination of the conference championship games, and the removal of the 12th game of the regular season.
But overall, I think it’s a very workable proposal.