Any comparison to March Madness is the thing that is the most ludicrous IMO. Even in CBB, it is generally the top seeds that get to Final Fours and end up winning the thing, but you occasionally see a "Cinderella" ride a hot shooter or unique scheme and reach the Elite 8, or more rarely a Final Four.
That ain't happening in CFB. Ever. In a 16-team event you might get one big upset every few years, but that will just spoil the next round as that team gets blown out. And more blowouts are what this is going to end up being until we get to the 2-4 teams (if that many) who everyone knows are the only ones with a shot to win. But more teams means more $$$$$$, and as we all know that is the only result that matters any more.
And they'll never eliminate the conference championship games other than to just add more games. No policy is ever changed that results in less revenue - that is the golden rule of pro and big time college sports.