I think one of the biggest misconceptions that people need to let go of with the playoff is that it is meant to identify the best team. This playoff doesn't do that. Instead, it is a format to declare a champion to the season. It is the first format in the top level of college football that can truly say that they are the champion of the season. Before the BCS, there were scores of seasons with disputed champions. Nebraska was involved in disputed championships in 1997, 1994, 1993, 1983, 1982, and 1970. The four team playoff did a lot to eliminate that but there were still teams like 2023 Georgia, 2023 Florida State, 2020 Cincinnati, 2018/2017 UCF, and 2018/2015 Ohio State that had very good arguments to being in the discussion at the end of the season.
Nobody is arguing that Alabama, South Carolina, Ole Miss, Miami, or BYU deserves to be the champion of this season. The playoffs are the best way to decide that.
Additionally, I think if you view the first round as the "Qualifying Round" it really helps take the edge off of a team like SMU or Indiana. The top four teams qualified by winning their conference championship, the other eight teams are fighting for the at-large bids.