It needs to be revamped or removed. The NCAA Basketball tournament is 68 teams. 68 teams. How in the world does anyone think it is a decent idea or even the slightest bit fair to let 4 teams into a playoff? Not saying you need a 68 team bracket, but 16 would be nice.
I would like more games in the playoff
Power conference teams who win the championship game of their conference get an automatic bid.
Because conference championships are determined only on games inside the conference, they aren't the best gauge of the skill of a team. For example, let's say we had that system today and Florida managed to beat Alabama in the conference-championship game. Then Florida would go to the playoffs instead of Alabama, which is ridiculous. If the point is to have the *best* teams, then you need to go by overall record (maximum information), not just in-conference record (which neglects important information).
In the case of 8 teams or 16 teams in the playoffs, then -- in my opinion -- conference championships should be replaced by semi-final playoff games.