Nah, college football kind of sucks right now. It's the same 5-6 teams that make the playoff every year. The vast majority of regular season games don't matter for the national title or playoffs already. Alabama has looked like shit, lost 2 games, and they still might make the playoff. OSU got their ass beat by the only good team they played, and they might still make the playoff. Bama, Georgia, and OSU dominate recruiting so much it's hard for other teams for keep up from year-to-year. It's a shitty era when one of Alabama and Clemson have been in the national championship game 7 of 8 years of the playoff (and played each other in the title game 3 times).
I think 12 teams will be way better than now. You'll get games with teams in the top 10 to top 20 that matter more with a bigger playoff than before. With the top 10 teams, it becomes about seeding and hopefully hosting a playoff game.
I would be down to go back to the BCS system (or even pre-BCS system), but I think the 4 team playoff sucks.
I blame Nick Saban. He has single-handedly made college football boring because of how regularly awesome his teams are. In previous eras of college football, even legendary coaches with legendary programs rarely dominated with such machine-like regularity as Saban's Tide has.
Of course, his ridiculous level of success has engendered an arms race with all the other blueblood programs that want to be where Alabama is, with the result that I believe the talent in college football is much more concentrated than ever before in the 20-30 top programs (which means the Top 5 in any given year are REALLY elite on their rosters).
I did always think an 8-team playoff for CFB was perfect - it fits neatly into a 3-week span, and any would-be champion would have to win 3 consecutive games against Top 8 competition. Any team that survives such a gauntlet definitely deserves the label of champion IMO, unlike the beauty contests we've hitherto had where in reality, most teams that finished #1 might have only had 2, possibly 3 tough games on their schedule, and they were evenly spaced out.
The 12 team playoff is fine to me to me. I think the playoff should be however large it needs to be where every team that begins the year 0-0 has the same chance to get in as long as they win the games they need to. None of this nonsense where (in years past) an undefeated mid-major would get passed over for a 2-loss ESSEEECEE team.