To me it boils down to college football is way too far on the side of actually letting the best team be national champion, and college basketball being way too far on the entertainment side.
Where you fall, is how important each is to you. And I think the end result of basketball is closer to producing a true champion than college football is to producing an entertaining race to get there. At least when it was two teams, there was entertainment in the fact that one fluky loss could end you, and a team that wasn't actually the best, could get enough breaks to get there. Going from 2 to 4 has eliminated those things more or less, and has sucked too much of the entertainment out of the national championship chase.
I think we could comfortably go to 8, and I still don't think you would see a bunch of fluky national champions. How many upsets have we seen in the CFP? Let alone a team pulling off three of those in a row. I think that would strike a good balance between entertainment and allowing the best team to win it. A 5-1-2 model. I kind of like the idea of working in some sort of group of five tournament to determine who gets that one bed, even if that is not plausible. Maybe you get rid of their conference championship games, and have the two best group of five teams play each other during championship weekend?