Nope - look it up. Not required at all. Delany wanted it to be a requirement, but the other conferences (led by the SEC) outvoted him.
Don't know about you but I see the term conference champions an head to head results in this a lot....
What criteria does the selection committee use to rank the teams?
The committee selects the teams using a process that distinguishes among otherwise comparable teams by considering conference championships won, strength of schedule, head-to-head competition, comparative outcomes of common opponents (without incenting margin of victory) and other relevant factors that may have affected a team’s performance during the season or likely will affect its postseason performance.
Selection committee members have flexibility to examine whatever data they believe is relevant to inform their decisions. They also review a significant amount of game video. Among the many factors the committee members consider are strength of schedule, head-to-head results, comparison of results against common opponents and conference championships won. The playoff group has retained SportSource Analytics to provide the data platform for the committee’s use. This platform allows the committee members to compare and contrast teams on every level possible. Each member evaluates the data at hand, and then the individuals will vote to produce a group decision.
http://www.collegefootballplayoff.com/selection-committee-faqs