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I fear that we are merely shifting the argument about which 3rd ranked team got left out to which 5th ranked team got left out.

There will be some of that - I mean look at the NCAA basketball tournament and how every year some teams complain about being left out - but there argument will be weaker. People might agree that they belong in the top 4, but few will think that 5th team should be number 1. Your chances of a split national title drop to 0, and that wasn't true before.
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