I personally would like to see an 8-team bracket with the Power 5 champs and three wild cards. No guarantees to Notre Dame! If you don't win your conference championship, there needs to be extenuiating circumstances to get you in. Waivers should be given to allow conference championship games for conferences with less than 12 teams.
Also, did anyone else seem to think this did, indeed, devalue the bowl concept a little? Not that I care. I mean, claiming to be the "Rose Bowl Champion" didn't seem to hold much importance compared to the fact that it was a National Semi-final.