I don't view these as lies, perhaps misconceptions in the minds of whoever. Much of reality is about creating illusions enough people will believe.
I still believe some G5 team can win the first round. I also suspect it will be rare that any of the teams out of the byes win the NC.* Some team ranked 5th will be pretty good, certainly good enough to beat 12 of course, and then good enough to challenge in the next round. There will be a premium on being at least 5-8 obviously.
The four highest-ranked conference champions would be seeded one through four and each would receive a first-round bye, while teams seeded five through 12 would play each other in the first round on the home field of the higher-ranked team. (The team ranked #5 would host #12; team #6 would meet team #11; team #7 would play team #10; and team #8 would meet #9.) Under the proposal, the quarterfinals and semifinals would be played in bowl games. The championship game would continue to be at a neutral site, as under the current format.
*I would note that Alabama would have been a five seed one year they did win the NC, so my statement is, well, equivocal. Could a Cincinnati win the second round? Probably not.