As our friend KrAzY would say "let's be clear"; you can make a strong case for teams ranked 5-8 being hosed in the current setup since we all know the intent all along was to have the conference champs make up the 4 teams selected.
Since it has pretty much been established that there are 5 "power conferences" then one of those conference champs gets left out every year. This will not be acceptable, so you either go to a 6 team format with an at large berth, (I don't know) Notre Dame perhaps; then give bys to 1 and 2 then they play the winners of 3-6. The other alternative is to immediately expand the playoff to 8 teams which is where this whole playoff scenario is headed and quite frankly should be. The whole idea of a selection committee is ludicrous, but if you are headed down that road then do it with 8 teams.