There are 8 major conferences and the winner of the title game goes to the championship. There would be two wildcard slots for highest rated teams not in the 8 majors.
Nearly every team in the country would have a chance.
I meant there are 6 major conferences.
Which is why there has been the conference realignment for the past few years. Notre Dame is about the last of the independents and in coming years will be forced to align their football program with a conference or else they will end up looking on from the outside...