I've since found out that it's not exactly straight seeding for all teams in the CFP.
Apparently, the top 5 highest ranked conference champions get slots in the playoff (though not guaranteed seeding), regardless of where they are otherwise ranked. Then they do straight seeding among all qualifying teams.
Not exactly what I'd like, but it's better than last year's fiasco where Boise State and Arizona State got byes, and SMU was in at all.
I've said before that the committee's biggest mistake was vastly overrating SMU's wins over a then-undefeated Pitt team, and a decent but far from great Louisville team.
Trouble is, the Pitt win didn't age well. Pitt never won another game. But the committee never marked down the value of that win, was bedazzled by SMU's 11-2 record. By the time they realized the Pitt win wasn't that big a deal (assuming they realized it at all), they had painted themselves into a corner by not devaluing it gradually over time.
IOW, even if you realize at the end of the year that the Pitt win was fool's gold, how do you suddenly admit that when you've maintained a far-too-high seeding for so long -- while watching Pitt spiral from 7-0 to 7-6?
More trouble is, SMU had the 104th ranked strength of record and 33rd ranked strength of record. Louisville had the 20th ranked strength of record and 37th ranked strength of record.
SMU had absolutely no business being in the playoff, and I'm glad Penn State curb-stomped them. That they were in at all was a massive blunder by the committee.
For contrast, Alabama had the 13th ranked strength of schedule and 10th ranked strength of record.
Still, I'm not all that torqued that we didn't get in. By the end of the season, decent defenses had figured out our offensive limitations and we wouldn't have won more than one game. A good chance of being bounced in the first game.
I just didn't like the process, and the new approach is an improvement.