New proposal no longer guarantees a G5 champion, but it doesn't guarantee all P5 champions are in either. If a G5 champion is ranked higher than say the Pac 12 champ, they are guaranteed a spot.
Sources: CFP set to present 5+7 model to board
The College Football Playoff management committee has agreed upon a 5+7 model and will present it to the 11 presidents and chancellors who control the CFP, sources confirmed to ESPN.
www.espn.com