To me, the point of the playoff is to see who the best teams in the country are. If that means a 2 or 3 loss SEC team so be it. 8 teams, auto bids for winners of B1G, SEC, ACC, Big 12, Pac 12 (yes, this might mean a crappy team gets in), seed based on ranking/algorithm, at-large for the other 3 based on same. Frankly, I think it probably should be 10 teams but then you'd need a bye in there or something.