The current committee has evolved into the same "eye test" that was there with the polls and BCS. The committee picks the four best teams and then comes up with rationalizations to justify what they did. The problem is there's no consistency from year to year when they make up the criteria as they go along.
If I were king, I'd have an eight team playoff with the first round on/around Dec 15th, at the home field of the four highest seeds. Two weeks later around New Year's would be the Final Four and two weeks later would be the championship. I'd take the five conference winners and three at large. If a non P5 team was in the top 15 of the coaches poll, they'd be assured one of the berths.
Under that scenario, this year's slate would be the current top four plus Penn State, Oklahoma, W. Michigan and Michigan, with the first round games at Tuscaloosa, Columbus, Clemson, and Seattle.