We now have an easier path to the playoffs than a mid tier SEC or B1G. With USC/UCLA and OUUT moving about the same time, the Purdue's and MSU's will be pretty much eliminated after they're 3rd loss.
M$M mentioned that the Pac12 would have been left out if this was in place in 2020. I could foresee where the champion of a new Pac12 being ranked lower than the mountain west and SBC champion.
Iirc, it the top 6 conference champion that get the auto bid not a p5 +1