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Interesting years, both great examples.

1992 - let's say Florida beats the eventual NC Tide.  Not so crazy - they had the ball in a tie game before immediately throwing the pick-6 to Langham.  Gators drive down and beat the #1 team.  
4 team playoff?  Maybe Bama is still in the playoff.  6+ team playoff, the Tide have a second chance.  Whether you deem that good or not, it's certainly different.
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1996 - here, we don't have to play the "what if" game at all - #2 Ohio St loses late to UM, falling to #6.  Today, like back then, they're out - done.  Toast.  But in 2026?  Maybe the Buckeyes were the best team that year....so facing OSU could be the 3 seed's curse in a 6-team playoff.  
Then you have Florida, the eventual NCs....lose to FSU late, needs unranked Texas to beat 2-time defending NC Nebraska, has to beat #11 Alabama themselves, AND benefitted from the PAC-B1G obsession/tie-in to the RB just for another shot.  In the modern 4-team playoff?  The Gators drop to #4 and their rematch with FSU is simply a semifinal game.  
Good job, FSU.  You just beat your rival at its highest peak ever and your reward is....an immediate rematch without heaven and earth being moved, it's simply the system we've devised.  That's fucked up.
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In reality, you'll often have the best teams be in the top 2-3 and other times these great teams will simply have lost and getting to play an inferior opponent as the lower seed (in disguise).  
I'm not sure who benefits from that.  

1970:
With virtually the entire team returning yet again they started #1 again.  They did drop to #3 then further to #5 after an unimpressive FG win over a sub-.500 Purdue squad.  That PU game was the week before Michigan and apparently the Buckeyes were looking ahead because the next week they beat #4 Michigan 20-9.  Heading into the bowls and what happened:

• 10-0 Texas, lost to #6 ND in the Cotton Bowl
• 9-0 Ohio State, lost to #12 Stanford in the Rose Bowl
• 10-0-1 Nebraska, beat #5 LSU in the Orange Bowl
• 10-1 Tennessee, beat #11 Air Force in the Sugar Bowl
• 9-2 LSU, lost to #3 UNL in the Orange Bowl
• 9-1 Notre Dame, beat #1 Texas in the Cotton Bowl
• 9-1 Michigan, no bowl due to league rule

That was one of those exciting Bowl seasons where the Cotton, Rose, and Orange Bowls were all relevant to the NC.  #1 Texas' loss to #6 in the Cotton Bowl opened the door for #2, #3, #4, and #5.  #2 Ohio State's loss in the Rose Bowl opened the door for #3, #4, and #5.  #3 Nebraska's win in the Orange Bowl eliminated #5 LSU and shut the door on #4 Tennessee.  In the final poll it was UNL, ND, TX, TN, tOSU. 

1972:
After the rebuilding year of 1971 the Buckeyes started 1972 at #3 and bounced around the top-5 until an inexplicable loss at MSU dropped them to #9.  They were still #3 heading into The Game where they beat previously undefeated and #3 Michigan.  They headed into the Rose Bowl at #3 but lost to undefeated and #1 USC who won the NC. 

A win in the Rose Bowl *MIGHT* have won the NC for the Buckeyes.  It would have been an interesting vote.  Heading into the Bowls and what happened:

• 11-0 USC, beat #3 tOSU in the Rose Bowl
• 10-1 OU, beat #5 PSU in the Sugar Bowl
• 9-1 tOSU, lost to #1 USC in the Rose Bowl
• 10-1 Bama, lost to #7 Texas in the Cotton Bowl
• 10-1 PSU, lost to #2 OU in the Sugar Bowl
• 9-1 Auburn, beat #13 Colorado in the Gator Bowl
• 9-1 Texas, beat #4 Bama in the Cotton Bowl
• 10-1 Michigan, no bowl due to league rule
• 8-2-1 Nebraska, beat #12 ND in the Orange Bowl

If Ohio State had defeated USC then the NC would have come down to OU vs tOSU.  OU's loss to Colorado was better than tOSU's loss to MSU but tOSU's hypothetical win over USC would have been arguably better than OU's best win (Texas). 

I preferred exciting bowl games.

boring bowls and an exciting playoff limits the excitement to 4 teams
if 4 bowl games were in the mix, 8 teams were excited