Among the arguments with the current CFP arrangement are that it doesn't give half of the teams in FBS any chance at ever having a chance to play for a title, while the arguments against any kind of inclusion of a G5 champion has been that it's not fair that they don't have to go through the "gauntlet" that teams in the A5 do. So here's a potential way to address both of these:

Plan for an 8 team CFP that includes the champions of the A5 conferences, plus two additional at-large teams. Then, set up a separate tournament that includes the champions of the G5 conferences as well as 3 additional at-large teams. Imagine (using 2019, the last full season of NCAA football, and this year's dates) the following:

A5 champs:

ACC - Clemson
Big 12 - Oklahoma
B1G - Ohio State
Pac-12 - Oregon
SEC - LSU

Two "at-large" teams that make the final CFP (highest rated non champs)

Georgia (#5 in the final CFP poll)
Baylor (#7 in the final CFP poll)

G5 champs:

AAC - Memphis
CUSA - FAU
MAC - Miami
MWC - Boise State
Sun Belt - Appalachian State

Three additional "at-large" teams that make this play-in tournament:

Wisconsin (#8 in the final CFP poll)
Florida (#9 in the final CFP poll)
Penn State (#10 in the final CFP poll)

Games are played via seeding, but conference champions get home games over at-large teams.

This season, all of the conference championship games are played on December 4, which sets up the following play in tournament:

December 11

Wisconsin (#1 seed) at Miami (#8 seed)
Florida (#2 seed) at FAU (#7 seed)
Penn State (#3 seed) at Boise State (#6 seed)
Appalachian State (#5 seed) at Memphis (#4 seed)

Assuming the higher seeds win:

December 18

Wisconsin (#1 seed) at Memphis (#4 seed)
Penn State (#3 seed) at Florida (#2 seed)

December 25 (yes, I know it's Christmas)

Florida (#2 seed) at Wisconsin (#1 seed)

That sets up the CFP then to be the following 4 games on New Years Day:

#1 LSU vs. #8 Wisconsin
#2 Ohio State vs. #7 Baylor
#3 Clemson vs. #6 Oregon
#4 Oklahoma vs. #5 Georgia

It changes nothing for the top 7 teams, it makes it so that every team has a legitimate chance to play for the title, and nobody could legitimately say that the team that emerges from this play in tournament had it easier than any other team. Plus, it would be a gigantic money maker for the sport, and is a closer representation of what the NCAA tournament is in basketball.

The two biggest arguments against this that I can see are a) you're asking some players to play up to 20 games (a team that plays at Hawaii playing 13 regular season games, plus a conference championship game, plus 3 play in games plus 3 games in the CFP) is asking quite a lot. And b) you would pretty much kill the bowls at this point in my opinion.

USFFan