Personally I'd prefer to see the conference championships expanded and rolled into the playoffs.
SEC 1 v SEC 4
------------------------------ SEC 1/4 v SEC 2/3
SEC 2 v SEC 3
------------------------------ ------------------------------ SEC Champ V B12/G5/AtLrg1
B12 1 v B12 2
------------------------------ B12 Champ v G5/Atlrg1
G5 v AL 1
------------------------------ ------------------------------ ------------------------------ ------------------------------ championship: SEC/B12/G5/AtLrg1 v B1G/ACC/AtLrg2/3
ACC 1 v ACC 2
------------------------------ ACC Champ v AtLrg2/3
AtLrg 2 v AtLrg 3
------------------------------ ------------------------------ B1G champ V ACC/AtLrg2/3/4
B1G 1 v B1G 4
------------------------------ B1G 1/4 v B1G 2/3
B1G 2 v B1G 3