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.
One team per conference, period, and if the television marketing consortiums that nowadays call themselves “conferences” don’t like it, they can realign and return to real conference play.
Conferences should be associations of more-or-less like schools built around natural (mostly geographical) rivalries. And the basis of conference play should be a round robin schedule, best record wins. Once they grow to the point that they split into divisions, they’re no longer really conferences.