Here's my shallow dive into this:
The last 10 champs over the last 10 years,
19' LSU
18' Clemson
17' Bama
16' Clemson
15' Bama
14' OhioSt
13' FSU
12' Bama
11' Bama
10' Auburn
Teams to make the 4-team playoff since it's creation,
14' OhioSt/Oregon/Bama/FSU
15' Bama/Clemson/MichiganSt/Oklahoma
16' Clemson/Bama/OhioSt/Washington
17' Bama/Clemson/Oklahoma/Georgia
18' Clemson/Bama/Oklahoma/Notre Dame
19' LSU/Clemson/OhioSt/Oklahoma
20' Bama/Clemson/OhioSt/Notre Dame
Not entirely terrible parity imo, but yeah Bama/Clemson/OhioSt have a stranglehold on college football, idk if that's a bad thing? As far as changing that, LSU proved they're all beatable last year, ultimately it's up to some of these programs to unseat them when they have the team to do it. Georgia, had Bama trailing into the 3rdQ this year, as an example. Florida with Trask could have easily done more this year too.
I don't mind dynasty programs that much, sports need villains. I could see how it's getting more than tiresome if you're not a fan of either one.
That said, re-gaging my takes on this, I can start to see CFB finding incentive to expand to an 8 team playoff for the reason of getting more schools recruiting and overall parity reasons, more money more games for them (7 games total 3 weeks of CFB playoff). This at least gives, the power 5 champs + 3 extra slots. Will they... start ousting undefeated schools from non-power5 conferences into the 9-12 range tho.... that would be even worse... they expand and we still don't get what we had hoped for.
Another thing is now the "student-athlete" future pro get's run into the ground that much more with not real compensation on injury risk (with 3 year rule). On the flip side it gives more kids the opportunity to play for a national championship, which especially if you were on a team like UCF/BoiseSt, would have been once in a lifetime goodness.
Going to 16, too many of the top programs can absorb 2 losses and make it in. No gracias.
For right now, I'm in favor of keeping it at 4 teams and waiting a couple years to see how things play out. If it continues with similar dominance, then maybe it force's their hand depending on how it looks. I would rather not see them expand coming off of a weird year though.