It ain't perfect, but it is better. I don't think you remember when #1 would play #4 in the Orange bowl, and #2 would play #7 in the Rose bowl, and they would both win. Talk about a beauty contest. At least now, #1 is settled on the field.
8 teams might be better, but not without controversy. More than 8 is overkill. I don't think conf champs should get automatic bids. I think there was a 7-5 KSU team than ended up the Big 12 champion some years ago. I would hate for that team to keep out a true contender.