The regular bowls +1 as necessary is the least amount of change. It's the minimal amount of tomfoolery. Have your Rose Bowl how you prefer it, SEC champ to the Sugar, etc.
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On G5 inclusion:
I don't feel like including the tallest midget does anything. They're still a midget. It still, EVEN WITH A SEAT AT THE TABLE, perpetuates the lie that they're on equal footing as the P5 programs. They get a seat at the playoff table, but they can't reach the silverware and forget about their fancy wine glass. They become cannon fodder. Cannon fodder with a giant spotlight shone on them every year. They can all - App St, Boise, Fresno - change their mascots to the Sacrificial Lambs.
It won't be some 2nd-prize bowl game they'll be playing in. They'll be matched up with a 0 or 1-loss big-boy team with all of its ultimate goals still in front of it.
They'd be a 16 seed in an 8-team tournament.