only way to make the sport equitable (and thus viable over the long term) is to give every conference champion an opportunity to play for a Natty.
Will the bottom feeders usually win any playoff games? Maybe/probably not, just like the 16 seed rarely beats the 1 seed in March madness, but the argument that “they don’t play anyone” is intellectually dishonest because every one of those teams would sell their soul to join a P5 conference (and start “playing somebody”) were they given the opportunity.
Plus a 16 team playoff would be infinitely more entertaining than the current system for literally everyone except for Ohio State, Alabama and Clemson’s ADs and coaches.