Interesting idea... there are enough of these silly bowl games that nobody cares about, where 2 of them could become semi-finals for a 4-team G5 championship.
Notice how most of the bowl games are played in empty stadiums, and ESPN alters the camera angle to shoot downward to avoid showing all the empty seats.
Some games have a 50,000 seat stadium and there are 5000 spectators there. 2 teams, some family and hard-core fans, 2 bands, a bunch of locals, and some folks with ESPN "comp" tickets. It looks ridiculous.
AAC's Aresco thinks this idea is a "no go".
I think he believes adopting such a concept admits that the G5 are somehow inferior, and that sets a bad precedent for G5 inclusion if and when the CFP ever expands to 8 or 16....
Also - the "top" G5 team currently gets slotted into a non-semi-final Big 6 Bowl (not Rose, not Sugar, perhaps Orange, Gator, Cotton, Fiesta). There is a substantial amount of money associated with that slot which is split 5 ways between G5 conferences. IF the top G5 teams went to a G5 playoff, would they forfeit that slot and all that money ?
Once the current CFP format is revised, this could be revisited....