Well, I get his "point" (which is obvious, and could be stated more clearly and obviously of course). Any playoff generates a playoff champion, nothing more, except money of course. Statistically, a playoff champion will not be the "best team" if the playoff incorporates more than four teams.
Even at four, it's only close to 50-50.
Vegas is pretty good at setting odds, one way to select playoff participants is to have "them" lay odds on hypothetical games and choose that way. Last year for example, Alabama would be heavily favored over TCU. The four best teams were probably the three chosen and Bama.