The quality of the games in the later rounds vs. earlier shows us that 12 was too many.
!2 is too many if you only want teams that can win. it's perfect if you want to be sure all the teams that can win it are in.
There are six bowl games available to whittle the field down to the final two. That means 2 semis and 4 quarterfinal games at minimum. Why 6, because the 6 bowls control the playoff so it isn't changing. That means the playoff will be 8, 10, or 12 teams. 10 is out because there is no way the conferences will allow 2 teams (Big champ and SEC champ) a free pass to the semi-final and the P2 would never allow a team like ND or an undefeated ACC team to claim a free pass either. SO, its 8 or 12.
With 8, you only get 3 at larges (2 if you allow ND access), that wasn't worth expanding from 4. The P2 wanted the ability to win at least 3 spots each. To do that you need more at large bids, so 12 it was. 16 would mean more first round blowouts, so again 12.
The first round games and a good number of the quarter finals will be blowouts until the talent and NIL money consolidate to the top 12-15 programs. Until then, the home games will keep the interest very high for those games,
The problem will be the quarter and semi finals, Having traveled to 2 this year I can tell you it was an effort. Last minute flights, accommodations, is tough to do in terms of schedule even if you can afford it. Other commitments prevented us from going to the semis and final. I can't imagine the regular programs being able to sell those mid-round games for an extended number of consecutive years.