Yes but there still remains the problem of the same usual teams getting into the playoff spots. They are the best teams, but college football needs more schools to move up into title contention. Alabama, Clemson, Florida State, Oklahoma, Notre Dame, Ohio State, USC, Michigan, Penn State, Texas, Florida, Auburn, and maybe others like: Miami, Washington, and Georgia are pretty much the title pool as of now.
Notre Dame needs to be forced to join a conference. I understand why they don't want to, but the NCAA should force them anyway. The same should be done to the other independents as well.
The playoff should be expanded to at least 8 teams with the conference champions of the so called Power 5 conferences getting auto bids. The other three spots will be at-large bids with one going to the best team from the Group of Five conferences if they are a conference champion and ranked in the top 15. The other two spots can go to the next best two teams from the Power 5 conferences as determined by the selection committee which would probably mean they are ranked #5 and #6 respectively.
Nobody can complain about this setup, but of course somebody will anyway.