ok, since we're not going back to the BCS, which was and still is the best solution, here's what I'd suggest. Its a complete non-starter with the powers of CFB, but I think it would be a blast while still maintaining the sanctity of the regular season.
A five team playoff consisting of the champions of the Power 5 conferences. The champs would be seeded by the Committee. Seeds 1 - 3 get a by. Seeds #5 and #4 would play in mid December, On Jan 1, Seeds 2 & 3 play and the #1 Seed plays the winner of the 4/5 game. Championship game to be played a week or so later.
I wouldn't stop there. I'd use the Bowls to determine conference status in a promotion/relegation process. The top remaining 5 teams from each Power 5 conference would be matched with the top 5 teams from a G5 conference. For example, the SEC could be matched against the AAC. The conference that wins more games moves to Power 5 and playoff eligibility the following year. The losing conference is relegated to G5 status the following year. So, if the AAC can beat the SEC 3-2 in bowl games, their champ the following year would be in the playoff and the SEC champ would not.
Have to win a Power 5 conference to get in the playoff, would give G5 teams a path to the playoff, and If you want bowl games to matter, this would do it.