Based on the final rankings, teams in the constant CFP bubble debate would get a chance to prove their postseason worth in meaningful games for some hardware.
No. 11 Alabama (9-3), No. 13 Miami (10-2), No. 14 Ole Miss (9-3) and No. 15 South Carolina (9-3) would receive first round byes due to being the first four teams out of the CFP bracket, just as the NIT does.
After that the next eight highest-ranked teams would be included and face off in the first round. Unfortunately, the No. 25 ranked team (in this case Memphis) would be left out entirely.
Some might suggest the rest of the FBS conference champions who were excluded from the CFP should receive auto-bids to this kind of tournament but that would not be the case.
Only one non-CFP conference champion is ranked (No. 22 Army). Excluding four ranked programs would diminish the quality of competition and snub teams that were nearly worthy of a shot at a national championship.
Non-CFP bowl games would be able to get in on the action too but there wouldn’t be a locked number. Dependent on the teams that qualify, conference affiliation would play into which bowls get to participate.
For example, Alabama after the bye week would get to play in an SEC-affiliated bowl game like the ReliaQuest Bowl in the quarterfinal.
This system, albeit not the national title-seeking journey all ranked teams pursue, would still do two things for the sport: Make money and give more non-CFP bowl games meaning again.
People will still tune in, it’s football after all. There are commercial opportunities abound and bowl sponsors wouldn’t lose any value for their sponsorships.
Keeping star players around instead of entering the transfer portal or sitting out because they declared for the NFL Draft would still be issues, of course, but this would offer more national platforms for their brands and skills.
It’s unlikely to ever happen but with private equity inevitably entering the sport, it’s not too far fetched to think someone someday will broach the idea with sufficient funding to make it a reality.