Does anyone else see this as opening the door to additional realignment? You now have the Big 10/Pac-12 champs in the Rose Bowl and the SEC/Big 12 champs in the Sugar Bowl. There's your four-team playoff. With five unbalanced conferences, the deck must be reshuffled...
Notre Dame will be left out of this year's championship game and I think that will seal the deal for the football program to finally join a conference. But it won't be the ACC. They'll join the Big 10, along with Rutgers, Maryland and North Carolina. That's 16 teams.
Florida State and Clemson (or NC State) join the SEC, putting the conference at 16 teams.
The Pac-12 fills it's four available slots with the two Oklahoma schools and the two Kansas schools.
That leaves six teams in the Big 12 and 10 schools in the ACC. They join forces and there you have it.
There won't be a need for buyouts because the five conferences will work this out together. In addition, they can expand the playoff to eight teams very easily. Some potential scenarios:
1. Conference champions plus four wild cards.
2. Conference champions plus an additional team from each conference.
3. Conference championship games become the de facto first round of the tournament.