I don't agree with a conference championship requirement, because I don't think that process is fair. Consider how lopsided many divisions in the P5 are (i.e. the BIG East/West). Often times, 1 division has 2 very strong teams that are pretty much comparable. If one of them was in the other division, that would change the Conference Champion.
For example: Every year, Wisconsin gets to coast through a schedule of nobodies, while the BIG East champion must knock off OSU/UM/MSU/PSU.
If one year, Wisconsin finally "gets lucky" and beats us off a fluke/off a blocked punt in the CCG, a week after we beat Michigan in a brawl by 1 point - I would argue that UM and OSU are still likely better teams than Wisconsin. "Any given Saturday", the weaker team may still win. But 9/10, I'm taking OSU/UM over Wisconsin going forward. I sure as hell do NOT want Wisconsin embarassing the BIG in the playoffs just because they coasted through a weak division and got to take down a gassed East Champion after their rivalry game.
I think the Playoff Committee has it right - it should be the "Best" 4 teams (i.e. the 4 teams most likely to win a National Championship), without introducing artificial constraints (i.e. the 4 teams most likely to win a National Championship who were selected for and won their conference championship games).
Just my $0.02