1) Either abolish conference championship games, or find a way to make them more legitimate. The committee made this whole stink about "preserving the conference championship games", especially with regards to the ACC. The problem is, the ACC in particular did not have a true outright champion. Neither SMU nor Clemson had to face Miami last year. Who's to say Miami wouldn't have beaten both of them? The conference championship game, in its current format, does not work without divisions. It drives me crazy when people try to say you had to leave Bama out to preserve conference championship games when the top 4 teams from that conference didn't even face each other.
2) Go ahead and expand the playoff to 16. It's inevitable, and it's going to happen even if we initially only expand to 14. Let's make it 16, and just never touch the subject of expansion again.
3) No automatic bids. We can keep the committee, be they did okay when they ranked the teams. The problem was the automatic bids, so if you take those away, then the committee will likely be very competent.
4) No byes in the playoff. Byes were necessary in the 12 team playoff, because that's not a number you can do with a traditional bracket, but with 16, there's no need to have any byes. It's just more for people to be upset about. Let's keep it simple and have 1 play 16, 2 play 15, 3 play 14, and so on.
5) No home playoff games. Let's just add a few more bowl games to the playoff rotation, and have this entire tournament as a neutral site event so we can have a true undisputed national champion. Eliminating these could also help prevent some first round blowouts, which could be a problem.
I can't promise it would be perfect, but if the playoff made these changes, we would have a very good product.