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Some of the news outlets have pushed for a 16-team scenario, and if you were starting from scratch, maybe it would be the best option. In my opinion, it would ruin the college football season. If teams can lose two or three games and still make it to a playoff, then each game won't matter as much.
Not only will this kill the regular season, but it will also kill the bowl system, replacing it with a standard playoff. I don't like this option, but I agree it is fair.
All of the major conferences would get in (SEC, Pac-10, Big Ten, Big 12, ACC, Big East), as well as Mountain West and WAC (or whatever conference becomes the relevant one between the two). Then, there would be eight at-large teams with a chance.
Here is what this playoff would look like today:
1. Auburn vs. 16. Nevada
2. Oregon vs. 15. Alabama
3. TCU vs. 14. Oklahoma State
4. Stanford vs. 13. Missouri
5. Wisconsin vs 12. LSU
6. Oklahoma vs 11. Boise State
7. Ohio State vs. 10. Virginia Tech
8. Arkansas vs 9. Michigan State
This would leave a team like Nebraska, Oklahoma State, Alabama or Nevada out of the mix based on what qualifiers were placed on the teams, such as only three teams from one conference, or head to head, or pure BCS rankings, etc. But anyway you look at it, if you are a top team, you will be included, and only the fringe teams will be on the bubble.
I don't like this option, though, because it eliminates everything great about college football, so lets move on.