It is something new.
In the seven years with the playoff, four teams have taken 20 of the 28 slots available (Alabama: 6, Clemson: 6, tOSU: 4, Oklahoma: 4). Only one other team has appeared more than once (Notre Dame: 2). There has only been one year (2014) where 3 of those top 4 teams didn't make the playoff. (Interestingly, there hasn't been a year with all 4 of them in the playoff.) In total, 11 teams have participated in the playoff in 7 years. Each year, the rest of the Power Five teams are playing for one spot against 3 of the "Elite 4".
While not an exact comparison, if you look at final rankings of the previous seven seasons, only 3 teams were ranked #1-#4 three (3) times (Alabama, Florida and Oregon). Four (4) teams were in 2 times (Auburn, LSU, Texas, USC) and there were 11 teams that were in once (Boise St, Georgia, Michigan St, Missouri, Notre Dame, Oklahoma St, South Carolina, Stanford, TCU, tOSU, Utah). In total, 18 different teams finished in the top 4. As much as I am in favor of a playoff system, it seems like more teams were "in play" in the old system.
If you are a top recruit and you want to be in the playoff with the current system, you go to Alabama, Clemson, tOSU or Oklahoma.