If ESPN wants to pay for all these minor bowls, let them. As far as a playoff system, it's fairly simple really.
8 team playoff:
* Divide the top level of CFB into 4 conferences of 20 teams each, using geography, like the SEC has always done.
* Split each conference into 2 divisions, let the conferences decide who goes where, rotations, etc.
* 8 division winners in the regular season are the quarter final playoff teams, they play in the 4 conference championship games.
* 4 conference champions are the semi-final teams in the playoff.
* Oops, no committees needed, no polls needed, too simple.