I think most would agree which teams are in the top 6 or 7. Just based on which 4 teams are best in the country without considering conference championships or season records, I think only the Washington team is suspect over Penn State. Alabama. Clemson and Ohio State are clearly the top 3 teams in my opinion. Washington, Penn State and Michigan are toss ups based solely on talent, but when that's the case and there's only one spot, the committee had to use records and conference championships so eliminating Michigan was easy. I bet there were some compelling cases made for the other two but Washington won out. I can't argue much about the committee's decision.
I believe this four team thing makes for another reason that it's the best. In the BCS era, we had more than a few times when the difference between two and three was really small. I remember when LSU won the national title (at home again) with two losses, when OU had just blown out number one in San Antonio, but with two losses, was just behind LSU. So this would have fixed that.
Honestly, we might have had a lot tougher shot in 2000, if we'd have had to play Washington in the semi's, and then faced the winner of a Miami v FSU rematch, for a lot of reasons. But OU was the only undefeated team and deserved to be there.
This paradigm was the best way, this year. Letting Clemson and Ohio State play each other, rather than having computers and voters pick a winner, is a better way. And whomever was four was going to have a tough shot at beating Bama, anyway. But after a 13 game season, making teams play three more would be a really demanding process, not to mention, all this coming during finals at some point.
The system this way, still lets the bowls have some meaning. It still gives players a chance to have a real break between semesters to see their families at home, and be real students. Not all are interested in the latter, but the ones who are, ought to have the chance to be.