Well, I can't wait. I think I already said something about UH being pegged for dead last in the Mountain West. Hopefully they turn that around and at least put together a winning season. If not I'm afraid Norm Chow's time will be done.
As far as the playoffs, I think the inside track will go to the champions of the SEC, PAC-12, B1G-however-many-teams-we-have-now; and either the BIG12-really-10 or ACC champion. But of course they're free to pick whichever teams they think are the best. Any undefeated team is going to have an almost guaranteed slot, and that's probably the only way a, say, Mountain West team gets in at least for now.
The fallout of picking more than 2 SEC teams would be too great though, so there's no chance of seeing a 4-team SEC playoff, especially when they're still going to have conference championship games.
There's still going to be controversy, but at least at the end of the day 4 teams will have a chance to settle things on the field, as it should be. I'm hopeful it will be relatively successful, and in 12 years or so when the current TV & Bowl contracts are renegotiated they'll expand to 8 or more teams.