The NFL analogy is perfect, because that's exactly what college football needs to avoid. Once upon a time, college football was unique amongst all major North American sports in that only the very best teams that proved it during the regular season could compete for a championship.
A sixteen team playoff will necessarily include three loss teams - give me a fucking break. We have very different definitions of 'elite'.
In the end, only the very best will win - those teams earning the top seeds. The lower seeded teams will be happy to collect their money and participation trophies, but nothing will change.
I hate it.
Get off my lawn!