The news of the day is the ACC has locked in a deal with the Orange Bowl through 2026. The big three bowls are now the Rose, the Champions Bowl (a new SEC-Big12 champs [if they aren't in the playoffs, big if] matchup to parallel the Rose) and the Orange. The Sugar and Fiesta are on the outslde looking in at this point as is the Big East.
The new playoff system will have two of those bowls (and probably one more, since a six-pack of bowls has been posited) rotate hosting semifinal games with a final going to a neutral site that could be anywhere. That's not a bad system; I'd prefer to see eight, but four at least gets us in that direction.
Four teams will give mid-majors a crack at the title game; under the current BCS system, they never cracked the title game, since it's hard to get past the more traditional schools in the polls and hard to have a decent computer ranking due to a weaker sked. Getting to the top 4 is more managable.
I'd actually prefer something akin to the current BCS system that some opaque selection committee. Yes, the computer rankings aren't exactly open source, but they're harder to bribe and don't keep a grudge.