Stnd brought up Purdue. I didn't. No 8-4 team in college football should be in any playoff format of any kind. We're just lowering the bar here, fellas.
A 4 loss team almost never wins a CCG. Looking at the Power 5 conferences this is how often it has happened:
Big 10 - (1/12) Happened once in 2012 when Wisconsin won because Ohio State and Penn State were ineligible.
Big 12 - (1/21) Once in 1996 when Texas won
ACC - (2/18) Once in 2005, once in 2008
PAC 12 - (0/12) Never
SEC - (0/31) Never
So, 4 times in 94 games has it happened. The most recent (2012) was because OSU cheats and Sandusky is a rapist. In each case the team would have been the #12 seed and likely lost a 1st round game. Should an 8-4 team make the playoff? No but it may never actually happen and in the rare case it does, they won't be winning 4 straight games.
Not sure why everyone looks for the crazy outlier to dismiss an entire system. You literally could do that for any system.