I'm guessing this is a way to pilot the 2 point shootout idea without committing to that. Personally, I think a 2 point shootout would be exciting, decisive, reasonably quick and balanced, and would add a very intriguing element of game planning. Something like 5 attempts each, keeping the same O/D on the field for those 5 attempts would be efficient and reasonable to do quickly without tiring personnel. Although technically there is an advantage to going second in terms of how aggressive you might need to be esp. in run/pass split, I think it would rarely make a difference. I like the idea of defensive scores counting, but that's such a rare outcome it doesn't provide any real advantage to protect against. After that, alternate possessions and the first team to convert with the other one failing wins. Starting with the alternating possessions setup works as well, but I think that leaves too much chance in the outcome.
Otherwise, I think CFB OT sucks because there's such a big advantage to going second and you start off in reasonable FG range. Not sure their considerations for trying to shorten games, but I could speculate that trying to keep game length predictable is important for TV.