It didn't in the BCS either. If it did Alabama would have 1 national championship. Like I said, it's not perfect, but it beats the sh*t out of every other system.
And the fun thing is that this system will only get better. A situation like this will become much less likely by the time the playoff expands.
I dislike the current 4-team playoff, and wizards's hypo is a great illustration of why. But I tend to agree with the bolded. IMO there is really no good way to determine a champion in college football, but the best way would be to have an 8-team playoff. I think that might get the right mix of teams like FSU in wizards's hypo, perceived powerhouses with a loss or two, and overachieving teams who have come out of nowhere to go undefeated.
For example, in wizards's hypo, undefeated ND is #2 and 2-loss FSU is #4. Let's say #1 is Auburn, who finishes as the undefeated SEC champ. #3 is a one-loss SEC team. (Most people seem to think that two SEC teams will make the playoffs.)
That could potentially leave a lot of good teams without a shot at the title.
What if Ga Tech, currently 5-0, finishes undefeated and wins the ACC, beating Louisville in the ACC title game (which Louisville qualified for by beating FSU)? OUTRAGE would reign at Ga Tech not being included. Same with Louisville, which in this scenario has ONE loss, to Virginia on 9/13, other than the ACC championship game loss (Ga Tech and Louisville do not play this season in the regular season). Why should FSU get a shot at the title but not the champion of its conference or conference runner-up, which beat FSU? Under this current playoff format, I could absolutely see it happening, if the committee decides that FSU was the stronger team despite the one ACC loss and the outlying ND loss.
Arizona is sitting at 5-0 and just beat Oregon. Let's say they go undefeated. Would they get into the playoff over that one-loss SEC team? Over the mighty FSU? What if they didn't? CONSTERNATION would ensue.
Baylor is sitting at 5-0. Let's say they go undefeated. Would they get into the playoff over that one-loss SEC team? Over the mighty FSU? What if they didn't? CONSTERNATION would ensue.
In an 8-team playoff, the teams that realistically deserve a shot at the title are more likely to get it. It will be harder to argue that there are 9 teams that have really played like a national champion than that there are 5.
I still would prefer to see NO playoff so that every game of the college football season has maximum importance, but if we insist on having a playoff, I would prefer an 8-team playoff.