To those proposing a tournament with additional teams: It is not as easy as it seems. The NCAA does not control everything about bowl games. They would have to get bowls to change dates and many are tied to specific dates coinciding with festivals and other obligations. It is not as simple as saying "we will play X game, on X date, in X city when there are already established bowl games in which promoters may be reluctant to move. Also, not all schools have a fan base capable of filling stadiums all over the country for multiple weeks in a row. I honestly thought the committee would put OSU 3rd and FSU 4th to assure FSU fans would get to the game in New Orleans rather than Pasadena since OSU will fill any stadium site.
Those that are complaining that TCU dropped from 3 to 6. It actually should be looked at like they stayed the same, but other teams rose above their stagnant position. Much like being 3rd in a race, running steady, but a few others have stronger finishes leaving you in 6th. FSU, OSU, and Baylor's race was not finished while TCU facing terrible Iowa State was.