with the meaninglessness that has become the FBS bowl system, I would almost be more willing to just divide the football post-season into FBS A & B, each having its own set of CFPlayoff bowls + at-large bowls. Take the peasant bowls and roll them into the "FBS-B" playoff bracket.
Still 1 single NCAA D1 FBS division
Same CFP committee, 2 different championships (think - NCAAT + NIT)
G5 cinderella still gets to go to the big dance, every year.
I'd rather have a path to play a real post-season, for something meaningful that we had to grind to get, than a stupid bowl against a MAC school, that no one shows up for.
we could win out and go 10-2 or 9-3, just to play in the "joe's bail bonds bowl" against South Alabama or Eastern Michigan.