...a 4-game playoff has always been fucked up. It's better than that BCS #1 vs. #2 bullshit, but not by much.
In a 4-game playoff, you're going to have all kinds of teams ranked 5-10 that can conceivably win a playoff. Who is to say that Georgia or Oregon can't navigate a longer playoff with more teams? And while it's unlikely that FSU would have won a national title in the shape they're in, how can we really be sure? That's why they play the games.
I can't wait to see this format go. A 12-team playoff sounds kinda dumb too, but it's much, much better. It'll allow some at-large bids that are going to really shake things up and maybe actually prove something.
Why they didn't opt for a 16-team playoff is pretty stupid. FCS, Div. 3, and even high schools do it. It's probably because they'd have to get rid of those ridiculous non-conference gimme games, which are meaningless except to the programs that get a big check for getting their asses kicked (usually). It's also going to be kinda hard with conferences that'll soon contain 32 teams, or some such bullshit.
Get rid of the conference title games (determine the conference winner by other means, like they used to), trim some of the non-conference games, and have a 16-team playoff. The rest of the "amateur" football world does it, no reason FBS can't. It would put to rest a lot of stupid speculation, not to mention legitimate contenders getting hosed.