You make a good point, but with greater parity due to NIL/Portal the mismatches might not be as bad as you think. Also the SEC (and to lesser degrees the BIG10 and ACC) gets penalized because they play stronger conference teams so this would bring them back into the mix to play the teams in weaker conferences with low SOS.
For example if you look at the current rankings you'll see that SEC teams like Florida, LSU and Missouri would have a very good chance of beating higher ranked teams out of conference like Indiana, BYU or Boise State.
In the scenario, the first 8 teams get a bye, and the rest play in round 1:
9. Indiana
10. Boise State
11. SMU
12. Alabama
13. Ole Miss
14. Clemson
15. South Carolina
16. Arizona State
17. Texas A&M
18. BYU
19. Tulane
20. Iowa State
21. Kansas State
22. Colorado
23. UNLV
24. Missouri
25. Illinois
26. LSU
27. Army
28. Syracuse
29. Louisville
30. Florida
31. Georgia Tech
32. Texas Tech