if they touch 8 teams, there is an outside chance at a 3 loss team winning it. Michigan State finished with 3 losses at #10 last year which is a pretty standard ranking for a 3 loss team
Mich State was #10 after the bowls, before them, the highest ranked 3 loss team was #12 Baylor. The poll before the bowls is the one that natters for seeding playoff teams.
In the BCS era, highest ranked team with 3 losses before the bowls was Kansas State at #9 in 2000. Teams 10-15 all had fewer loses. So I disagree that 10 is a common ranking for 3 loss teams. however, the # of loses itself is not important, its where the record ranks for any particular season. Yeah, LSU had 2 loses in 2007. So did everyone else except #1 Ohio State and Kansas and Hawaii, neither of whom beat a ranked team all year.
The point is, you are devaluing the regular season AND adding a selection committee.
I basically agree with you and I want regular seasons to matter more. In a perfect world I'd only have a playoff if necessary., but that just wouldn't work in the real world.
But I do not think a 4 team playoff devalues the regular season anymore than last year's rematch. Having only conference winners actually increases the importance of the regular season imo. Even more so if you got rid of stupid CCG, which of course will never happen.