5 Conference Champs, however the conferences want to determine them.
1 Group of Five.
2 At Large, with the only requirement being that they both can't come from the same conference (I'm looking at you SEC with your unwarranted advantage of artificially high pre-season rankings).
This allows for a true path (however unlikely) for every one of the 129 teams to make the playoff and also will answer any questions about a team's strength of schedule since they'll have to play the best teams to win it all.
Second, reduce the regular season to 11 games, since there is usually a pushback that these are not professionals and they shouldn't play all these extra games. The regular season was 11 games forever, but even if you wanted to leave 12 game regular season alone, only two (2) teams would have the possibility of playing more than 15 games in a year.
There are 129 FBS teams In 2019, there were 38 Bowl games, not including the playoffs. For simplicity, I'll assume anyone who makes the semifinals has played in a conference championship.
Teams that will play 11 games - 45 (No Bowl) Teams that will play 12 or 13 games - 80 (Bowl Teams and 4 Quarterfinal Losers) Teams that will play 14 games - 2 (Semifinal Losers) Teams that will play 15 games - 2 (Championship Game), the same as we have today.
For those that argue the lack of one game will cost the school money, any shared postseason revenue without the expense of going to a bowl should more than make up for that.
For those that want the BCS back, remember that scenario guaranteed 14 teams (Looking a you again, SEC) the chance at least one, if not two spots in the Championship game, while the other spot, if available, was up for grabs to the remaining 115 teams.