Neutral fans won't want to watch Round of 16 games when they expect Clemson to have an easy time with Appalachian State, and there are other examples. Here's my proposal for qualifying for an 8 team playoff:

1. Undefeated
2. P5 champion (unless a G5/Ind went undefeated, 5 teams would be in so far)
3. The best G5/Ind 1 loss team if there is at least one of them and there are not any G5/Ind undefeated teams
4. 1 loss teams at-large including P5 and G5/Ind if the latter had more than one
5. 2+ losses teams at-large

Criteria 1 through 3 would produce at least 6 teams. If it produced 6 or 7 teams, it would go to Category 4. Category 5 would only be reached if undefeated teams, 1 loss teams, and P5 champions with 2+ losses combined for 7 or fewer teams.

Last season before the bowls, 6 teams had 0 or 1 loss, including undefeated UCF who takes eliminates Criteria 3, although no G5/Ind had 1 loss anyway. Notre Dame was undefeated. Washington won the Pac-12 with 3 losses to make 7 teams. Then I would have 1 spot left, which would have gone to 2 loss Georgia, who was Fifth in the Final Committee Rankings.