Tulane plays Ole Miss, and James Madison plays Oregon.
Essentially, you have 6 teams with a 1st round bye. It would have been a more interesting, and competitive, playoff if two of those teams were replaced with Texas and Notre Dame.
So they continue to reward teams that simply have not played the same level of competition. Tulane and JMU did not have the same strength of schedule. What would be better if you had something similar to college basketball, with you have the 64 team, NCAA tournament, and then you have the NIT tournament.
Tulane and JMU can try to win the NIT, but if they did this, then bowl games would not happen.