I'm a major fan of the NFL and I do not watch one second of college football because its current setup is a shameless cash grab at the expense of the integrity of the sport. Who the heck can take a championship game seriously when it comes after both teams don't play for a month and are voted into it? A four team playoff is a pretty small sampling and there are still going to be deserving teams that don't get a chance, but at least there's some effort put towards crowning a legitimate champion in favor of profiting off a bunch of absolutely meaningless bowl games.
Yes, four-team college football playoffs would produce excitement. It would also produce a great deal of revenue. College football creates immense loyalty among fans, and fans would be eager to support their teams as they challenge for a position in a very competitive playoff field. A four-team system would allow exciting playoffs that would generate interest and revenue for schools.