The way it stands now with a 4-team playoff, TCU has to win the Big 12 and finish undefeated to make it. In theory, we could make it as 1-loss champ, but that happened in 2014 and our L was nitpicked to death whereas Ohio State's 1 L wasn't. With 8 teams, we would almost certainly make it as a 1-loss champ, likely make it as a 2-loss champ and possibly make it as a 1-loss non-champ. With 12 teams, we would virtually certainly make it as a champ, and likely make it as a 1-loss non-champ and quite possibly make it as a 2-loss non-champ (depending on SOS). With 16 (or more), the odds increase. But if the proposal is for 12, it is not in our interest to reject 12 and hold out for more (now).
Not disputing the additional teams. just the 12 vs 16 - bye or no bye. I just see it as an extreme unfair advantage which will go to the SEC champ, Big 10 champ, ACC champ (if Clemson, Miami or Fl St) plus one other champion to fight it out between Big 12 and Pac. No G5 champion will ever get considered for the bye. So no real change in fairness, just an opportunity to say "See you do have a chance".
I disagree on profits. The new 4 games need to get a monster share so that the networks can charge the most possible to advertisers. Bama-Coastal Carolina would get a huge share but that would be much lower if Wisconsin-Memphis was shown at the same time on a different network. Each of the new 4 games needs the highest possible rating and an exclusive window.
There is almost no competition from other sport this time of year, so the times are not prohibitive to viewers in any extreme amount. The following teams are an example of who might make the playoffs given those extra games.
2019: 13-16 teams in AP - Baylor, Auburn, Iowa, and Utah. These teams playing against a top 4 team will get viewership.
2018: Washington, Michigan, Syracuse, Texas A&M
2017: Miami, Ok State, Michigan St, Washington