I was watching part of some bowl game, I think it was Arkansas, and Aaron Murray was the color guy (he's not very good IMHO). He claimed that the 12 team payoff had really added interest in CFB, and that many late season games were now more "important" than in the past because more teams are in the running, which I suppose is true.
I don't know if viewship reflects this, it probably does, but that alone suggests the sport is not dying at this point. I know many were disappointed that the first round games were never really in doubt after quarter one, and folks often think the "Committee" chose poorly.
The way the five top conference champions have to be included makes their job more .... complex, in a sense, and can yield bizarre results, and they don't reseed after round one, which may get discussed.