I respectfully disagree. I think a four time playoff is just right.
My reason for this opinion is that every game this season has mattered realizing that only a quartet would make the finals. I contrast that with college basketball where the regular season is largely immaterial because of the number of teams making it into March Madness. I enjoy college basketball but don't even bother watching until the selection is made. With football and its limited number of selections, I haven't missed a weekend of watching. And I stay up late for Rece Davis and "College Football Final".
It's more football, less controversy, and it's provably possible since the FCS has been doing it for decades.
The bowl system is silly as it stands now with so many consolation bowls. I'd much rather watch Bowl games that actually matter, and see the College Football post-season have the excitement of the NFL post-season.
Here is one change I would make that could go a long way towards fixing the system.
Each team in the Power 5 conferences should have two open dates for two opponents picked at random from the other Power 5 conferences, one home game, and one away game.
You could have the drawing a few months before the season starts so the schedules could be set. But that way, every team has to go on the road for a game outside of their region.
For example, Florida has not had to play a non-conference game outside of the State of Florida, since 1992!
I think that would go a long way towards settling a lot of the questions at the end of the season.