There's always going to be blowouts in college football. We've had title games that turn into blowouts for years. Remember when Florida killed Florida St. in the Sugar Bowl? or when Florida killed Ohio St. in the Fiesta Bowl?
But I do think at this juncture, 12 teams is probably a few too many.. but with NIL and the transfer portal I can see some first round upsets happening eventually.
Another issue is that it could have easily been Miami and Colorado instead of SMU and Arizona St. or someone other than Indiana but bad losses and unbalanced scheduling made this happen.