As someone who has been fighting to ensure every team theoretically has a chance at winning a championship for years, I dont hate it. Here is how the first round matchups would work out if every FBS conference champ made it and seeding was based on CFP ranking with no advantages for conference champs (outside of making the field if you wouldn't otherwise make it). For teams that weren't ranked by the CFP, I based their seed on their SP+ ranking. Jacksonville State, ranked 72nd in SP+, was the lowest seed.
16 Jacksonville St (Sun Belt) at 1 Oregon (Big Ten) - Eugene, OR
15 Ohio (MAC) at 2 Georgia (SEC) - Athens, GA
14 Marshall (CUSA) at 3 Texas (At Large 1) - Austin, TX
13 Army (AAC) at 4 Penn State (At Large 2) - University Park, PA
12 Clemson (ACC) at 5 Notre Dame (At Large 3) - South Bend, IN
11 Arizona St (Big 12) at 6 Ohio State (At Large 4) - Columbus, OH
10 SMU (At Large 7) at 7 Tennessee (At Large 5) - Knoxville, TN
9 Boise St (MWC) at 8 Indiana (At Large 6) - Bloomington, IN
I would then keep the QFs on campus. If the higher seeds won...
8 Indiana at 1 Oregon - Eugene, OR
7 Tennessee at 2 Georgia - Athens, GA
6 Ohio State at 3 Texas - Austin, TX
5 Notre Dame at 4 Penn State - University Park, PA
Then make the semis and finals at neutral bowl sites. I kind of like it and it almost seems like the format we currently have was made with expansion to 16 easy by adding the other G5 conferences. If the trend continues where the teams with the bye struggle, they may just consider expanding to 16. It doesn't really dilute the field as we're not adding any more mid at-large teams, we're basically giving the top team something to do to keep them busy before the quarterfinal round (and if one of those bottom 4 teams managed to upset a top seed - it would be a moment talked about forever)