WRT PSU:
PSU would have only had to beat Pitt (or Michigan) in 2016 - Michigan State (or OSU) in 2017 - Minnesota (or OSU) in 2019 - OSU (or Michigan) in 2022 to be in the 4 Team "playoff"
They didn't, That sucked, from a PSU perspective, but that is what has transpired. WRT to PSU (and this would hold true for any of the teams in the marquise conferences, with VERY rare exceptions) they - not some sportswriters head - controlled their destiny.
Now, if in 2024 or beyond, they were to do something similar - but win the game they need to win in the regular season - their reward would NOT be a trip to the Final Four, it would be a December game, presumably in State College, with an unknown outcome.
A 4 team "semi-final" is, obviously, a zero-sum game. For every time one might make the Final Four when they otherwise wouldn't have, there will be someone NOT making the Final Four who otherwise would have. The "lesser" teams will likely see even fewer "Final Four" opportunities (case in point, TCU needs only to beat Kansas State to go to the Final Four. Under the "12 Team System", what would the odds be that they would get there? 1 in 5? Maybe? What chance would Cincinnati have had in 2021, to make the Final Four, under the "12 team" deal?)
Now, why are we seeing the 12 Team deal (which, for any other reason, makes the least amount of sense of any of the alternatives)? Money. Of course. Period.
Aside from those receiving the $$$, who else will be happy? Probably the fans who prefer a "minor league" NFL-feeder football system, with players wearing the names of various Universities on their jerseys - and that may very well be the majority of fans. If that is the case, good for them, seriously. They are the ones who, when you boil it all down, are paying for the product. That may just be what the market dictates, and that is fine (as far as I am concerned - not that it matters what anyone without skin in the game thinks)