There are 10 FBS Conferences. Its real simple, each Champion of each Conference auto qualifies for the Playoffs. That will leave six wildcards. Those six wildcards are determined by rankings. So, if a given Conference has a lot of teams ranked very high at the determination time ? So be it.
Think of the awesomeness of this proposal. Maybe a team from the MAAC will beat say Alabama ? Nay, a Clemson ? You never know ... don't know till you try. Cinderilla team and all that. Create true parity too.