And what about Ohio State. Big 10 conference champs, but locked out of the playoff. Alabama beat a team in their conference - but didn't win their conference. I'm not saying they aren't one of the best teams in the country, but we'll never know if Ohio State could have beaten them all. By the way, the Big 10 went 7-1 in bowl games (only Michigan lost a tight game).
The "playoffs" are definitely flawed. It really isn't much better than the old BCS system of picking two teams. Too many legitimate contenders, especially this year, are left out. I'd personally be happy with 8 teams, but would really like to see a 12 team playoff, but I don't see either of those happening any time soon.