Auto Bids:
1. Alabama
2. Clemson
3. Notre Dame - At Large
4. Oklahoma
5. Georgia - - At Large
6. Ohio State
7. UCF - At Large
8. Washington
Left Out - Michigan (could swap with UCF). I think UCF would get the nod though if the only criteria for qualifying was being in the Top 10/12.
I think that would make for a great playoff scenario. The first round would look like this:
Alabama - Washington
Clemson - UCF
Notre Dame - Ohio State
Oklahoma - Georgia