The more I think about this, the more I think it doesn't change much of anything. The four bowls that were the BCS bowls still exist, and will probably pick more or less the same teams. All that happens is that one additional game gets placed after the bowls, as a Championship Game, and that doesn't come from the existing pool of bowl games. In the past there was an elite 2 that got to play for the championship, now there is an elite 4. That broadens the pool of who can be included slightly, but not much.

So, who has played in the championship game? I have adjusted these numbers to place teams in their new conferences, VT and Miami to the ACC, and Nebraska to the Big 10. The adjusted numbers since inception:
SEC - 9 teams
Big 12 - 6 teams
ACC - 6 teams
Big 10 - 4 teams
PAC 12 - 3
Big East - 0 No current team has ever made it

But, the composition of the early games was much different than they have been lately.  If you just look at the last 9 years, these are the numbers
SEC - 8
Big 12 - 5
Pac 12 - 3
Big 10 - 2
All others - none

It's already a championship controlled by four conferences. With 4 teams in, that will increase the chances of some outsider getting in, but only slightly.

Can Ohio in theory get into the championship? i think they are more likely this way than they would with only 2 teams. Let's say, hypothetically that they beat Penn State by 35 this fall, and had a 30 point lead at the half in all the other games. If that happened, it would be clear they were a good team, but, how good? In the old system, I think they would get an also-ran ticket for one of the other BCS bowls, where they could attempt to show they belonged in the elite group of 10, but they could not win the championship. That's what Boise State got, for example.

In the new system, the top two teams you would have taken before will get in, plus the team that everyone thought should get in, but didn't before. The fourth spot would go to the next best team, probably a team with a couple losses. If Ohio put together the kind of season that I described in the hypothetical case, I think a lot of people would say, what the heck, give them the fourth spot, and let them give it a try.

In the end, I don't see how this hurts anything, and, in an unusual case where Ohio (or some other MAC team) actually had a team good enough to belong in the Championship, I think this way they have a much better chance of actually getting in. Obviously they would need to be undefeated, and to totally dominate all their opponents, and probably need a big name win or two, but, it isn't impossible now. It probably was impossible before.

The more I think about it (and, frankly, that hasn't been much), the more I see it as a beginning.  As a few good Big 5 conference schools get left out (including conference champs) they'll clamor for expansion of the playoff, much like what's happened in b-ball.  I don't see it expanding beyond 8 teams in the next 10 or 20 years, but it's a better shot than MAC teams have now to play for a national championship.  I can see a MAC team occasionally winding up in the top 8; never in the top 2 or 4 (even if computers are taken out of the mix).

I also read yesterday that some Big 5 teams like Wisconsin will need to beef up their schedules to improve their position on strength of schedule.  That may have good and bad effects.  It means that most, if not all, will stop playing 1AA schools because it can only hurt their SOS ranking, which means that they may be looking for traditionally stronger MAC-level schools to fill slots.  You may see schools like Toledo, WMU, NIU and, yes, Ohio getting phone calls.  On the other hand, some Big 5 schools that play more than two non-Big 5ers will be inclined to drop one of them in favor of a Big 5er.  So in general it'll be tougher to schedule Big 5 schools that have national championship aspirations.  You can still get the Indianas, Dukes and Vanderbilts of the world, but the Wisconsins, O$Us and Michigans will be tougher.

I don't believe the university has thrown, is throwing, or will throw a lot of money at football.  So, no worries mate.