The petition outlines for the playoffs to be expanded to 8 teams. Autobids for each P5 champion, autobid for highest ranked G5 champ, and 2 at-large bids.
Petition also mentions that they would prefer to have the first round games be played at the home field of the top 4 and let the semifinals and championship game continue the current bowl format.
It’s assumed the network will approve it due to the high ratings that CFP games has attained. Adding one more round of games seems like a no-lose scenario.
As far as expansion of conferences is concerned, autobids for P5 will shore up and save the Pac12 like it did the BIgEast during the BCS days even if there are multiple defections as long as a strong nucleus is in place with the California and Oregon schools.