While this is certainly true, I think the Presidents have always called the shots. For years, we heard how there would be no playoff at all because the Presidents would never go for it, they wanted to protect the tradition of the bowls.
But at this point, the noise is getting too great. The Athletic Directors are the ones who feel that pressure for a playoff, and probably pass that onto the Presidents. I do believe that the Athletic Directors are very trusted advisors to whatever decisions the Presidents vote for, as are the Conference Commissioners (let's not forget about them). Problem is, the Athletic Directors themselves, as well as the Conference Commissioners, have different ideas of how the playoff should work.
In reality, they aren't that far off, so it might just be a sword fight at this point. These are the most likely options that I've heard.
1. Top 4 teams, regardless of Conference Champions, in a semi-final/final format.
2. Top 4 teams, to include Conference Champions if Conference Champions are ranked in the Top 6. If the Top 5 is all Conference Champs, then the Top 4 go. Semi-final/final format.
3. Play the bowls, then have a Plus one game of two top ranked teams after the bowls are played.
There are other logistics such as where to play the games, but the biggest issue is deciding which of those 3 options. And when you think about it, those 3 options just aren't all that different. #3 would probably be least popular because of no semi-final to final format. But #1 and #2 are almost identical to me, it's splitting hairs.