This year was the only year there were remotely competitive semifinal games. I think what we learned from having playoffs these last several years is that the BCS was probably the right system. There is very rarely more than 1 great team, let alone 5 or more.
EDIT: I just went back and looked at the final scores for all the semifinal games and I was wrong. It is occasionally competitive but I still don't agree with screwing up the regular season to add so many more playoff games in the off chance a 5 seed is more deserving than the top 4 selected.
Focus should be on ensuring teams aren't scheduling a playoff run by avoiding any decent out of conference play. Not TCUs fault the Big12 was overrated but they didn't play anyone of consequence outside of the conf games.
https://en.m.wikipedia.org/wiki/College_Football_Playoff