Actually, many will have been and will have lost. UGA this last year would have been the no. 5, and we lost the SEC. OkStU would have and they lost. tOSU would be a good example of a team that didn't play in the CC and would get in. Same with Ole Miss.
It's interesting, the home game scenario was actually one of the most popular parts of the proposal. You're the first I've seen that doesn't like that.
FWIW, here is the scenario applied to this past year:
This is what you would have had in round 1 this year:
Byes to Bama, Michigan, Cincy and Baylor.
Pitt @ UGA
Utah @ ND
Mich State @ tOSU
OkState @ Ole Miss
First, those are way more interesting as they are 4 home field games in the second week of December. They would all have been better games than any bowl games that were played. Our game might not have been competitive, but we are the outlier as the best team but laid an egg in the SECCG.
The second round would have been in the Sugar, Peach, Rose, and Fiesta:
Bama v. winner OkState @ Ole Miss (Peach)
Michigan v. winner Mich State @ tOSU (Rose)
Cincy v. winner Utah @ ND (Fiesta)
Baylor v. Pitt @ UGA (Sugar)
Bama and UGA probably win easily
The other two games are likely very competitive.
That means that so far we would have had 8 games, at least 5 would have been competitive.
Semis would have been:
Bama v. UGA (Cotton)
tOSU v. Utah (Orange)
Having our game as a semi would have been a let down, but the winner would have take on tOSU which would have been a great game, I am guessing.
UGA v. tOSU - UGA National Champs. (IndY)
That is actually an exciting playoff right there, with way more competitive games than you get with the 4 team plus NY6 bowl games with people opting out.