The new format netted us a Final 4 of Indiana, Miami, Ole Miss, Oregon. I'll take that. A bit more parity. And lets face it, in the older system teams like Georgia/Ohio State among others would just be put into the Final-4 based on record/rank without much additional thought even though the playoffs are showing they probably aren't as great and lost to said-inferior teams (Miami, Ole Miss, etc.)
Yeah I think the part about the bye week is going to be an interesting debate/discussion. Maybe they do expand to 16 and just do it like a March Madness-style bracket with no bye weeks as someone here mentioned. I'm not opposed. If it's 16 teams, a few like Texas, Vanderbilt and Notre Dame would have made it in the field and I think been some interesting teams in the mix.