The problem is that many times the best team doesn't play for the NC. If you lose, it depends when you lose. If you lose early you can move back up, if you lose late, you are screwed. Unless you are Bama that is.
Everyone was all over Baylor as being so great and then Okie State wiped them out.
People think Auburn must be great because they beat Bama. Maybe Bama isn't that good or maybe Auburn played the game of their life that night.
Look at 2006. OSU and UM were #1 and #2. OSU beat UM 42-39.
Then OSU went on to get smoked in the NCG and UM went and got smoked in their bowl game.
ND got destroyed last year and they normally play a tougher schedule.
Rankings are more about perception than reality.
A 4 team playoff is better than what we have now, but I think we need a minimum of 8 teams to get a real feel for it.