So, thinking out loud on this issue:
1. There are 9 conferences (technically 10, but the Pac2 is really either a couple of independents in a long-term relationship, or a placeholder for a future merger just to keep the PAC name alive). Four of them are the remaining Power conferences (SEC, B10, B12, ACC) and the other five are the old Group of 5: American Athletic Conference, Conference USA, MAC, Mtn West, and Sunbelt.
2. That yields 9 conference champions. As we all know, but the CFP can't say out loud, the 4 Power conference champs will always get the first round bye, and be seeded #1 through #4.
3. So this rule is really about those other 5 conference champs. For example, Liberty from CUSA. One of those 5 dudes is guaranteed a spot in the 12-team playoff.
4. But everyone who is being honest and doesn't have a son playing at Liberty knows that even a 13-0 Liberty is not as good as the SEC team that went to Atlanta and lost. Or even the 2d-place teams of the B10 (probably Michigan), ACC (Clemson), and B12 (God only knows). Heck, a 13-0 Liberty or SMU isn't even as good as the third or fourth-spot SEC team. Maybe as good as the #4 B10 team.
5. So this rule change frees the CFP committee from having to do something really stupid, like put Liberty artificially high in the rankings. I mean, can you imagine them getting one of the #5 to #8 spots, and winning the chance to host a playoff game at their home stadium? Which I think just got expanded to hold a whopping 25k fans?
Seems to me that's all this is really about.
Go Vols!
p.s. Does beg the question whether the winner of the Wash St - Ore St game gets to call themselves a conference champ. Heh.