Yep. I say include every team that is .500 overall and .500 in their conference.
Keep in mind, that each game requires a week off before the next, so it's easy to see how many teams could feasibly do this by working backwards. Assuming December 4 is conference championship weekend, and January 11 is the Championship game....I was being serious.
How do Div 3 schools do their playoffs? I really don’t know but I do know that they have more than 4 teams.
Edit: Dump the bowls and have the playoffs run into two weeks before the Super Bowl at the latest.
January 11 - Championship game --> two teams
January 1 - Semi-finals --> four teams
December 25 - Quarter-finals --> eight teams
December 18 - Eighth-finals --> 16 teams
December 11 - Sixteenth-finals --> 32 teams
At best, you're looking at 32 teams, and that's assuming no byes. In 2019 (forget 2020), there were 67 teams that finished .500 or better both in conference and overall. I'm not saying one way or another than a tournament with that many teams is impossible, but it'd be a nightmare to schedule and determine seeding.
Also, I don't see any way an NCAA football tournament is running two weeks before the Super Bowl. IMO at least.