The proposal is for 16 with some play-in games instead of conference tournaments, by the Big 10. SEC doesn't like it. And they still won't let in more than one non-power conference champion automatically. The 4th place SEC team or 2nd place ACC team would be in automaticaly ahead of a James Madison this year (though JMU still could have been one of the at-large teams, there would be three spots. Tulane still would have been in).
And of course the power conferences are still unwilling to give up their title games or their historic bowl ties. Get rid of the former and you could start the playoff earlier, have everyone play a home game, and still do the New Year's weekend in the traditional sites. And then be done sooner.
It all seems a bit overblown to me at this point. A 10-2 Notre Dame complaining about being 13th vs. when it was undefeated or one-loss teams getting screwed at #3 or #5 is still progress, and relative to the # of schools in the two sports, only slightly worse than when a 6th-place SEC basketball team gets left out as 69 or 70.
And, the same goes for the Pop Tarts Bowl or Alamo Bowl being a little less exciting. If you love College Football all those bowls are still fun to watch (and the ratings say so). But it's not really a big deal if a team or player skips them.
I'm sure some of the ND seniors will regret the decision, just as Drew Allar probably wishes he could play in the Pinstripe Bowl with his teammates one last time (but who knows if he would have were he healthy and preparing for the draft).