I will go on record as saying that I actually don't mind this setup, although I will always find it amazing that it took the conferences this long to agree on something which seems, at least on paper, ridiculously simple and indeed, something that was one of the first ideas to be presented anyway, I believe. To me, it makes all the sabre-rattling that followed seem like it was for show on some levels. No matter now, I suppose.
One thing I am interested in is how the criteria will be weighted - they mention wins and losses, strength of schedule, head-to-head results and conference championship. It seems like that places some impetus on, say, Notre Dame (and other independents), as some have mentioned, to consider joining a conference, lest they have to string together some 12-0 showings under Kelly.
The nature and qualifications of the selection committee will make or break controversies, it seems, but ultimately the goal seems to be managing them, not eliminating them, which is probably fine. Part of me wonders if the traditional non-AQ conferences are a little scared of being relegated to obscurity though, but then, as we have seen, you simply move to the conference with the better TV deal.
At the end of the day, this does make some sense - they are students first and foremost and there is no need to turn this into the month-long weekend-capping affair that is the NFL postseason, and really, this is probably a step up from the current system and it seems like all the contracts surrounding it will allow for learning to take places and formats to be adjusted, if needed. That is certainly something better than what existed.