It might diminish the value of the regular season, but say Missouri and West Virginia win out, who actually thinks that Missouri or West Virginia is THE BEST team in the nation? Yes, LSU has lost twice, but I really think they are the best team in the nation. Let's say LSU had started 0-2, and then won 10 straight. There is not doubt in my mind that they would be in the top 2. They are not in the top 2, just because they lost the second to last week of the season.
I have never been in agreement with a 16 team playoff, but that matchup does look rather interesting. It doesn't go into February, maybe mid-January. I have always been in agreement with the +1 system, of course, where 4 plays 1, 3 plays 2 and then the winners play to determine the champion.
Some could say, "someone like Central Michigan or Troy could win the national championship". Well, take Troy, based on seeds, if they beat West Virginia, LSU, Ohio State and Missouri, to my knowledge, no one else can say that in the nation. If you win your conference, or atleast your division, and then beat the champion from every other conference, you deserve the national championship.
This article alone, showing matchups and possibilities, just converted me to a 16 team playoff. Still good for a +1 system though.