No, they should be ignored.
There is no national champion without a playoff. Division 1 college football can go pound sand. Every other sport has a playoff, but football continues to sell out for the television dollar. Just ignore the scam until D1 straightens itself out.
The appropriate playoff format almost writes itself. Take eight teams, with no more than one per conference. Four is too few; one would have to leave out major conference champions and quality independents; the selection would depend too much on polls, and teams would be penalized for scheduling tough non-conference opponents and risking a September loss. Sixteen is too many; we would have conference runners-up and three loss teams in the mix. So take eight: one per conference, period, with automatic bids for the top five or six conferences and at least two, preferably three, at large bids for the best of the rest. But no conference runners-up; win your league, or stay at home.
Don't seed it. Draw the names out of a hat. No neutral fields; this is college football, so flip a coin and play the game on one of the contestants home fields. If neutral fields are demanded, then be ecumenical about it; northern tier states should get their fair share of sites, and if that means the SEC has to learn how to play football at Michigan, Nebraska, or Notre Dame in January, so be it.
It was a mistake in the first place for college football and basketball to turn their games into imitations of the pros. The colleges had the superior game. Now they're just NBA/NFL-lite. A shame.
You system would have to have ND, Louisiana Tech and Louisville in the playoffs because every other team is in a power conference.
I think you need Big 10, ACC, Pac 12, SEC, big 12, champions, plus 1 from a not power conference and two runner ups.
This year would yield Wisconsin (OSU if not on probation), Florida St., Stanford, K State, Alabama plus ND, Oregon, and Florida.
I can agree that much with you, at least.