The G5 started an "NIT equivalent" with the 5 conference winners and 3 at-large teams. An 8 team tournament for college football would be awesome.
Ideally as an independent BYU could still qualify as an at-large team, but I assume the G5 would try to force them to join a conference to participate.
I think there would definitely be interest in something like this and it could rival ratings for some of the bigger bowls in the P5. Not the playoff of course but those bowls become more meaningless in the new system and people love tournaments.