The major problem with the system is that the autobids were originally designed with the idea that you have five power conferences of reasonable size and then you were going to have a 6th "BCS" style auto-inclusion. With realignment and the PAC12 folding, the SEC and Big Ten got WAY BETTER... the ACC got diluted and the Big 12 got raided. But the G5 also lost most of their top teams to the Big 12 to mitigate their losses. So your G5 teams are worse than ever, the ACC is worse than ever, and the Big 12 is arguably getting shorted relative to the talent of their top teams because of bloat in the SEC.
When you look at the metrics, there are ~9 teams with a reasonable chance to actually compete for a title. Then there are another ~4 teams (Bama, Oklahoma, Miami, USC) that could hypothetically make noise... though Oklahoma and USC have flaws on one side of the ball that doesn't make them legitimate contenders. No one else is relevant. Expand it to 16 teams, or put a clause in that any G5 team has to be in the Top 20 of the committee rankings to be considered.