i'm not a huge fan, but not completely opposed to it either.
you'd almost certainly have the p5 champs guaranteed a spot. so that's uga, clemson, osu, usc and ou.
then 3 spots up for grabs.
nd and maybe byu would likely be guaranteed a spot for some kind of criteria met (being in top 10 with 2 or fewer losses for example). didn't meet it this year, so open spot.
g5 would also have a similar provision to what they had in bcs, something like being undefeated and in top 15, within 5 spots of a competing contender, and if that contender has 2+ losses, the g5 gets that spots first. some weird calculation. likely ucf meets thats this year and gets in.
then you're left with either 1, 2, or 3 at large depending on the above. this year would be 2. my guess is they'd take the easy road and take 1 loss bama and wisk. there might be some provision of being in top 5 guarantees a spot, but i could see that being an issue as well with potentially guaranteeing a 9-10 spots when only 8 are available.