In that scenario you would've had the following first round games last year:
(winner plays 1 Alabama)
8 Memphis
9 Boise St
(winner plays 4 Oklahoma)
5 Georgia
12 Miami OH
(winner plays 3 Clemson)
6 Oregon
11 FAU
(winner plays 2 Ohio St)
7 Baylor
10 Appalachian St
Personally I think a full 16 team playoff is more likely to get approved over that model as the additional 4 teams would almost for sure always be P5 schools thus giving them a greater percentage of teams in the playoff. It would kind of shock me if they allowed G5 teams to constitute 40+% of the playoff participants.