The reality is that with every conference having conference tournaments, every team is in anyway. The playoff you speak of is already in place via Championship Week. You can be 0-30 in the regular season, but if you win your conference tournament.....you're in.
The FAIR thing to do is to eliminate all conference tournaments and the champion of the regular season gets the automatic bid.
The fans would HATE that change because it's one of the best weeks of the year. That said, for those complaining about adding 8 additional teams are a bit hypocritical if you love the conference tournaments. Miami, who was undefeated, BARELY got in after they lost to Akron in the conference tournament. That situation happens every year in multiple conference and it's sold as "bid stealers", when all it really is...is the best team for 4 months getting screwed by a team that got hot for three games.
I'm one of the hypocrites. I LOVE championship week, but I don't like the 8 team addition. In both situations, teams that don't deserve to get in, get in.