re: Would you prefer the selection committee have concrete qualifiers or not?

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Which do you think would best serve college football... having set-in-stone qualifications that dictate what a team must do to make it, or allowing this panel completely subjective choice over who goes?

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I can't see how anyone would argue for the subjective - at least not unless they were doing it out of pure self interest.

Fairness seems like a virtue. Knowing what gets you into the biggest dance just makes sense. With four teams I'd think you could set up some pretty common sense criteria like:

#1 ranked team is in.
teams 2-4 are in if they won their conference or are independents.
teams 5 or 6 may be in if they won their conference and all four slots have not been filled.