No, G5 schools don't deserve a shot. Only those who have had exceptional seasons. Right now they have no path. This would give teams having a very strong year a path.

The only other way is top 8, all at-large. 2018 UCF might have gotten in, but somehow I think the politics would have led the committee to swap #9 Washington ahead of them. (2020 was a weird year, so not certain how Cincy would have fared in that #8 spot). But this would only be a once in awhile access.

This is not going the way of the NCAA tournament where seeds 49-68 are one bid conference champions. You create a BYU and Liberty problem in addition to the ND problem, and necessitate a much bigger playoff with a lot more at large spots. That's not happening, and it's not desirable, nor optimal.

The advantages of the proposed 5 +2 +1 are:
1) Every P5 Champion gets in
2) Every P5 CCG is important
3) A real path is open for an annual spot to the top two non-P5 schools
4) A compelling G5 Championship game is created
5) Two spots are open for P5 schools not conference champions (Notre Dame's path)

Obviously the top two non-P5 schools (G5 plus UConn, BYU, Liberty -- Army will opt out in favor of Navy game and vis versa) would have to pass on their CCG as they have a more important game instead.

The logistics of the G5 play-in game would have to be worked out (I'm sure ESPN would want that game), as well as a Bowl placement for the loser, since this G5 playoff spot eliminates the necessity for a NY6 access spot for the G5. My WAG is the Play-In game would be hosted by the higher ranked team. And I'm sure a 2nd tier Bowl (not a 3rd tier most G5 play-in, but a middle level game against say the 3rd P12 or ACC school sort of thing) can be contracted to accept the loser. Otherwise the G5 Bowl spots would be held up for a week awaiting the result of the Play-In game.