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they can't do the conference champ only model because they will be hit with a monstrous anti-trust lawsuit. Furthermore, the playoff will expand to 8 or 16 teams within 10 years guaranteed, possibly within 5 of the first playoff game. There is just too much money in a large playoff, and too much expense in the current bowl system, to not eliminate the bowls and go to a playoff. Bowl advocates are like beeper salesmen. They are on the wrong side of history.
The Irish are not going to make a long term decision to join a conference based on a 4 team playoff structure that almost everyone believes is temporary.
They'd only get hit with the anti-trust suit if the structure said the conference champions can only be comprised of X conferences. However, if it just states, the four highest ranked conference champions from any conference, so long as they're ranked in the top something, there's no grounds for an anti-trust suit based on the playoff model, and that will then put ND in a very precarious situation.