Under the old system Florida State would be playing Alabama for the title. The only thing less flawed about the new system is four teams get in instead of two. How many years can six teams say they are deserving of competing for #1. Typically it's the third and sometimes fourth place teams who feel screwed.
In most years four teams would be enough. However, I'm still for eight teams with the five major conference winners and three wild cards. Yes #9 and 10 will howl they were screwed. The response: win your conference or play a tougher schedule. But with eight teams those mostly likely to deserve to play for #1 are in.