I admittingly in the past have been opposed to this but have warmed up to it after listening to some podcasts and points.
1) Iowa would have made it in the playoffs about 4-5 times over the years if implemented.
2) With the bowl games really tailing off, teams and fans have kind of needed a new carrot dangling in front of them with how the landscape of college has been changing.
3) I had concern that this was going to water down the conference/regular season for teams. But in actuality, fans will be following their 2-3 loss teams in late season games with the chance of making the playoffs. This kind of offsets in years past hoping for 1-2 losses to win the conference or get into the conference c-ship game. I mean, it would make those games interesting to fans that might not otherwise be interesting, like Iowa having to beat a Mich St. or Purdue towards the end of a season. Or a Vandy going up against Georgia to have a chance.
4) It would be really cool if the top teams got a 1 or 2 week of a homefield advantage. This would prevent a 10-1 or 11-0 team of resting their top players if already locked into the playoffs. They might have to play for a home field advantage.
There are some positives out there. 24 teams would only take a few weeks.
One downside is the attendance in the early playoff rounds. Are teams fans going to travel to mult games ($$$)? Will certain games only be attended by the locals? Not sure how that is going to work.