We all know this college football (and any sport, really) monster exists on a sliding scale of competition vs entertainment. We need 2 earnest teams trying to win, which interests us enough to sit down and watch it.
Expanding the playoff, to me, seems like the scale is sliding further towards entertainment and away from competition, and my fear is that it's sliding too far that way. I may be completely wrong.
But there's corollaries with other sports - baseball is finding out that the best strategy to win games may come at the expense of entertainment - and so they're thinking up ways to "fix" it. College football, in a vast landscape of sports, was unique in that it lacked an expansive playoff. In baseball, perhaps more than any other sport, the worst team beats the best team a relatively high percentage of the time. This wasn't that big of a deal when each league had a champion and the only postseason was the World Series. But as leagues split first into 2 divisions each, and then 3, with extra rounds of playoffs, the World Series champion has become more or less random from that set of teams. The wild-card has only the extra task of overcoming home-field advantage to win the championship.
The NFL's playoff has allowed wild-card teams to win the Super Bowl. We had our first 9-7 team to win a SB. That team had a negative point differential during the regular season, btw. Ohhhh, OAM, who cares?!?! A team that was 9-7 BUT WAS ACTUALLY WORSE THAN THAT won the SB. A team who was still 8.5 games better than the SB champion had nothing to show for it. The team that wound up 12-7 wears the crown, but the one that went 17-1 wasn't good enough? WTF? Again, too far down the entertainment end, pulling away from the competition side.
I guess my argument is hey, let's NOT have a 3-loss NC. Let's not have G5 teams get stomped on the highest stage. This idea of 8 teams or 5+2+1 is akin to giving everyone a trophy. Everyone makes fun of that, but they're on board with expanding the playoff. Huh??