P5 champs in automatically, with #4 and #5 (as seeded by the committee) playing a wild card game with the winner in the final four. Committee basically taken out of the process, just seeding the 5 teams is their only job, plus better scheduling since OOC games don't count. OOC games would be better matchups for more $$.
Or blow the whole thing up, create 8 geographic conferences/divisions of 9 teams each. Each conference plays 8 conference games, 4 home and 4 away. The 8 champs playoff with quarterfinals (or conference championship games if divisions), winners advance to semis then championship game. This would bump ND and 7 G5 teams up to the major conferences/divisions to get to 72 teams. Nobody deserving is left out of the playoff.