I think two at-large are enough.
Take the Power Five conference champs, add in two at-large teams. (So now the conference championship games essentially become playoff games, themselves).
Seed the teams 1 thru 7. Top Two teams get a bye. The 6 and 7 seeds play each other to play the 3rd seed in the quarterfinals, with the 4th and 5th seeds playing each other, with the winners of those games playing the 1 and 2 seeds.
Looking for kneelers and frowners, even if there are none (there are always frowners) distracts me. Shouldn’t, but it does.
That would work. Currently, should Georgia beat Alabama on Saturday, they could meet again for the championship, assuming Alabama drop to #4. Not a good system.
By giving the “top two teams” a bye week you’re just perpetuating the beauty contest. 8 teams (5 P5 champions and 3 at-large)=4 games, 4 winners = 2 semi-final games, 2 winners = championship game.
Lottery style drawing to determine the pairings for all games. No home games, no regional “home games” (i.e. Alabama playing in Georgia dome)