You’re on one side or the other of this annual debate - there’s either too many bowls or not enough.
Put me solidly on the not enough side. Yes, it should be a reward for deserving teams, but also I would absolutely still watch and gamble on more bowl games if it included 5-7 teams. Moreover, the “only including one FCS win” clause should just be eliminated or teams could count two FCS wins toward its bowl total.
Be honest with yourself - if Texas A&M and Vanderbilt were playing each other right now, wouldn’t you at least be somewhat interested in which 5-7 SEC team got its sixth win of the season?