The Colonel is right. The CFP is not a continuation of the regular season. The playoffs are distinct and separate from the regular season.
The charge of the committee is to select the four best teams and seed them into a playoff bracket. They are not required to auto-select conference champions. They just subjectively select the four best teams, regardless of where those teams finished in their conferences. They have enumerated the factors they may apply to make choices among "similar" teams. They are not obligated to "fairly" distribute the choices among the conferences. If this year's bracket includes two teams from one conference, so be it.
How do we know that they are the four "BEST" teams? Because the committee has deemed that it is so.
I love the exclusivity of the four-team bracket. A place in the playoff is precious, and very difficult to attain. AD's will place more pressure on themselves to schedule quality OOC games. Competition will sharpen. For me, moving to eight is a step toward participation awards. Autobids may allow early leaders to coast into their CCG.
Access to the playoffs should remain extremely difficult. The current system is better than anything we have had before, and better than any proposal I have seen online.