I do like the byes because even for teams safely in, that's enough of a reward to ensure they go all out in conference title games. And as we saw, it makes it exciting for the leagues that may or will only get a single bid.
At the same time, it does set up a brutal situation where Penn State is now worse off than Indiana and Texas worse off than Tennessee despite finishing higher in the standings. Rolling straight into the first round off a 13th game and less rest is way more punitive than finishing third in an elite conference.
Unfortunately there is no good way to solve for both problems.