Honestly, I think it ends up 8 teams with 5 P5 champs, one G5 spot and two at large. Yeah, most years that means the G5 team will be destroyed right off the bat. But it'll still make for a more enjoyable/interesting playoff and head off gripes about teams not getting a chance.
This year would have been
1. Bama
8. Oregon
4. Notre Dame
5. Texas A&M
3. Ohio State
6. Oklahoma
2. Clemson
7. Cincinnati