If you're going to have conferences (in this case the Power 5 conferences) then winning your conference should mean something (i.e. invitation to CFP).
You can leave it up to the conferences to identify who the 'conference champion' is...which takes that away from the CFP committee.
And...for example...the Pac12 could...if they chose...have Washington St as their conference representative...if they so chose. Probably not going to happen...but it is a conference thing from now on in this 8-team playoff situation.
That means that conference games matter throughout the season.
And then have 3 at-large. Which are the only teams the CFP committee selects.
If you don't win your conference (or are an independent)...you can still get into the CFP by showing that you belong.
And this allows a team like UCF to get in.
This can be accomplished by scheduling a good out-of-conference schedule. Which means you can schedule good out-of-conference teams (and lose) and not impact you getting in if you still win your conference (only conference games count towards winning the conference...just as today). And it allows an independent (like Notre Dame) to always schedule tough because teams will be willing to play them.
This makes playing a good schedule throughout the season just as important as winning your conference.
Doing this in no way diminishes the regular college football season. Every game counts (either in winning your conference or in proving yourself as an at-large team).
Just my thoughts.