I personally like the current 4 team playoff format, even though I think the 8 team format will be inevitable. The 4 team format means EVERY game counts. I don't think it was a given that BAMA was in if they lost to Georgia. One of the best games within the past 2 years, was the OSU- Michigan game 2 years ago that OSU won in OT and went on to the playoff, and Michigan was left out. In an 8 team format, both teams would have been in the playoff and that game would have been meaningless.
On the other hand, an 8 team playoff would mean that 2 more of the New Years 6 bowl games would be more meaningful. Other than the 2 playoff games, the other games weren't that interesting because the teams had nothing to play for. The star players sat the games out to avoid injury. UCF celebrated their win over Auburn, but Auburn had mentally checked of the game.