If they want to be taken seriously, they should schedule at least four games against top competition or better yet join a BCS conference.
I would put even two loss teams from major conferences in before either one of them.
I am against a playoff system. I like the current format that often promotes debate. In addition, there are so many teams with so many different issues that it would be difficult to put a fair playoff system together. Some teams don't deserve to play for a championship, but if they are undefeated, there would be political pressure to do so. With only two spots, it's easy to deny a Boise State, but if there's eight spots, they'll be almost guaranteed a chance to win the championship. That's not fair. They can cruise through 9 to 10 games. Win maybe 1 or 2 tough games, and then get hot to win a tournament? No.
College football has the best regular season. You have to earn the chance to play for the title. Very often the best team loses a "let-down" game and is out of contention. That's life. A playoff would allow that team to still make the top eight and not be penalized by a bad loss. Maybe even two losses.
Every sport is different. College Football is unique and should stay this way.
We have teams trying to win their conferences.
We have teams trying to win their rivalry games.
We have teams trying to win enough games to make a bowl.
We have teams trying to be champions.