Sure, many years Alabama would pulverize UCF. But if there’s one thing we’ve learned from Boise, Utah, TCU, UCF, Houston, etc is that the best G5 team(s) compete favorably against the best P5 teams as long as a few things go their way (staying healthy is a big one).
Also, you could have the first round of the playoffs before the bowls start so the 4 teams eliminated could be selected for a bowl game.