First of all, you can't base things on conference champions when you have Notre Dame independent, and you can't base things on conference championships when not all conferences hold such games.
Sure you can. An 8 team playoff would automatically allow for Notre Dame if they are good enough without costing a conference champion a spot. As for conference championships, all conferences should have one or all conferences should do away with them. Also, all conferences should play the same number of conference games.
UGA got their shot this weekend. They blew it. Let's not forget their other loss on their record either. You could claim that some 3 or 4 loss team that lost all those games early is a top 4 team RIGHT NOW, but that will never get them in the mix unless everyone else loses that many games. Early losses count, and so does your strength of schedule. These supposed 5 major conferences aren't on equal ground either, and the value of each conference championship is not either (where strength of schedule comes into play).
The problem with this, especially the bold, is that this is based on perception which is part of why I favor an 8 team playoff.
As a USC fan, I saw USC get left out of at least 2 NCG's during the Pete Carroll era because the PAC was perceived to be a weak conference despite the fact that it was pretty much only PAC teams that could beat them. By allowing all 5 conference champions in, you eliminate the possibility of a team being left out because their conference wasn't perceived to be "strong enough".
Changing from 4 teams to 8 teams just moves the complaining teams from 5 and 6 to 9 and 10. Let's be honest here, there are 3 deserving teams this year and a few vying for the right to lose to Alabama. Georgia already had their turn, so now it's the Sooners' chance.
Yes, it does move the complaining, but there will always be complaining. The NCAA basketball tournament has what? 68 teams? and there is still complaining. But does anyone really pay attention?
Would a team that was ranked 9 or 10 really have as good an argument as a team that finished #5 or #6 and won it's conference?
Just because there are 3 deserving teams this year (again a perception/opinion), doesn't mean there aren't 5 in other years.