I think this issue has already been covered to some extent, but I'll weigh in. I'd agree that one can envision hypothetical scenarios where some particularly crafted playoff would be the best fit to that specific scenario. The problem is that you can't craft your post-season structure at the end of the season on a season-by-season basis, and that playoff structure that may have been preferable one season, is going to be clearly less preferable in some other season. Suppose you have 4 undefeated BCS teams. Unlikely, but possible. A 4-team playoff would be the best way to resolve that. But the next season, you've got two undefeated BCS teams, followed by two 1-loss BCS teams, and one of the undefeateds has already beaten one of the 1-loss teams. A 4-team playoff is clearly not the best option there. In fact, I'd say it is, in some measure, less fair. The point being, and considering solely the question of "fairness", any post-season structure has its advantages and disadvantages, and those advantages and disadvantages will be highlighted or diminished on a year-to-year basis by the particular circumstances of that year. But you have to pick one system and go with it, and I'm not seeing any preponderance of all-situations "fairness" for any of them.
Yes it does. But, while it doesn't include any "bad" teams, it does include quite a few teams that deserve to be there considerably less than #'s 1 & 2 do.