playoff makes far more sense. 5 auto bids for conference champs, then three at large spots.
You could make a case for one spot being reserved for G5, perhaps a mini playoff between all the G5 champs or something - but that would mean you’d have to shorten the regular season.
I would love to see a setup where every team had a path to the playoffs like they do in NCAA basketball. That’s what makes March madness so much fun. You create opportunities for underdogs to do something special, but you just don’t have that in college football.