OR, have automatic bids for the top 6 conference champions (after the CCGs), which somewhat incorporates Conference Championship Weekend into the playoff system, and then hold a 4-team wild card play-in for the last 2 spots.
SCENARIO 1
SOUTH REGION (Sugar Bowl)
#16 West Virginia @ #1 Alabama
#9 Florida @ #8 UCF
Winners play in the Sugar Bowl
EAST REGION (Orange Bowl)
#15 Kentucky @ #2 Clemson
#10 LSU @ #7 Michigan
Winners play in the Orange Bowl
NORTH REGION (Rose Bowl)
#14 Texas @ #3 Notre Dame
#11 Washington @ #6 Ohio State
Winners play in the Rose Bowl
WEST REGION (Cotton Bowl)
#13 Washington State @ #4 Georgia
#12 Penn State @ #5 Oklahoma
Winners play in the Cotton Bowl
SemiFinals winners advance to FINAL FOUR on the first Friday, Saturday, or Monday that is at least 7 days after New Year's day.
National Championship is 7 days or so after the Final Four.
SCENARIO 2
Conference Championship Weekend
SEC: Alabama v. Georgia
ACC: Clemson v. Pitt
Big12: Oklahoma v. Texas
B1G: Ohio State v. Northwestern
AAC: UCF v. Memphis
PAC: Washington v. Utah
MWC: Boise State v. Fresno State
Play-In Round (1 or 2 weeks after Conference Championship Weekend)
5-seed game: Florida @ Notre Dame
6-seed game: Michigan @ Georgia
Quarterfinal Round
Sugar Bowl: #1 Alabama (SEC) v. #8 Washington (PAC)
Orange Bowl: #2 Clemson (ACC) v. #7 UCF (AAC)
Cotton Bowl: #3 Oklahoma (B12) v. 6-seed winner
Rose Bowl: #4 Ohio State (B1G) v. 5-seed winner
FINAL FOUR
Quarterfinal winners
NATIONAL CHAMPIONSHIP
Final Four winners