With the way conferences are set up, and with ESPN throating the SEC all season long, you're probably not going to get a much better system than what's in place right now. Nobody should be surprised by blowouts in any round of any playoff system. 6 of the last 10 national championship games were decided by three scores or more. Another one was decided by 15. There hasn't been a single score game since 2018. And this is after the pretenders have supposedly been winnowed out. If you're expecting even half of the games to be nail biters, no matter what the format is, you're going to be disappointed.
I would have loved for one of the ACC teams to pull it out, but watching TN get their shit kicked in brought joy to my cold, dead heart.
Focusing on fixes to the post season is just treating the symptom anyway. The problem lies with with things like the SEC instructing their officials to put their thumbs on the scales and the ESPN mouthpieces like Herbstreit putting the SEC's dick all the way into their collective mouths. If the goal is a level playing field, multi-year contracts with the players, a third party, national officiating organization with no ties to ESPN or any conference, leveling the TV payouts to the conferences, and coach and player salary caps are where you start.