It is only confusing because the people who run college football run it like professional boxing instead of like the NFL. Nobody is looking after the greater long term good of the sport, only their short term narrow self interests.
The rules are constantly changing to suit the elites and it's impossible for the fans to keep up.
Basically, if I have it right, this is how this lineup will likely look:
Saturday, Dec. 31, 2016, 3 p.m.: Peach Bowl
Saturday, Dec. 31, 2016, 7 p.m.: Fiesta Bowl
Sunday, Jan. 1, 2017, 8 p.m.: Orange Bowl
Monday, Jan. 2, 2017: 1 p.m.: Cotton Bowl
Monday, Jan. 2, 2017: 5 p.m.: Rose Bowl
Monday, Jan. 2, 2017: 8:30 p.m.: Sugar Bowl
This is being done to placate the Fiesta, Orange and Sugar bowls by giving all three "primetime" slots.
If the NFL is running a Sunday night game that week, which I imagine they will, the Orange Bowl clearly gets the worst end of the deal because the NFL game will draw better television ratings whereas the other two nights are unopposed.
I know people are going to find this statement to be over-the-top but I sincerely don't think the people running the playoff know what the hell they're doing.
You are running two games on New Year's Eve while everyone is out partying and another up against NFL games on a Sunday night? With all due respect, that's insane. Your ratings are going to suck worse next year than they did this past year when they were historically bad. What the hell is wrong with you?