To a point, playoffs are about more than just picking the best 4 teams with accuracy. Americans like the David and Goliath stories. We like underdogs. We like compelling story lines. This is why the NCAA bball tournament is so compelling. This is why the Penant Races are so compelling in MLB. This is why divisional games are so compelling in the NFL. It keeps it interesting. The AL Central is still relevant this year even though it doesn't have one of the 4 best teams in the AL. The AFC West was still relevant the past 2 seasons though it didn't have one of the 4 best teams in the AFC. If you had a selection committee just picking the 4 best teams in the AL, or AFC, or NCAA, the regular season would be pretty boring for huge swaths of the Country.
There would be little argument that Alabama and LSU were two of the best teams - if not the 2 best teams - in College Football last season. Ratings were HORRIBLE. Now, if the Conference champs from the PAC, big 10, BigXII, SEC, ACC, BigEast and 2 wild cards all played in an 8 team tournament, the entire country would tune in to watch this tournament.
IMO, the only reason a PLus1 model is being forced is because the big 10 and PAC teams don't want to give up their Rose Bowl. So, now the teams will all play their respective bowl games and then a Selection Committee will cherry pick the 4 best teams. Well, what if a team like MU wins an SEC East title at 9-3 beats a 12-0 Bama team, and goes on to win the Sugar Bowl. Bama goes on to win the Orange Bowl at 13-1. Who's going to the Playoff? The 13-1 Bama or the 11-3 MU with the head-to-head victory? Bama. And the controversy will continue.