Out of curiousity, do you have any nominations for who would be on that "blue ribbon committee"?
In theory, I don't have an issue with humans selecting the at-large teams and seeding. In reality, the odds of finding 5-9 universally accepted authorities without any sort of agenda, bias, or conflict of interest (perceived or otherwise) would be next to impossible.
Next, we have to deal with the can of worms opened with the ACC champ (Clemson) gets an automatic bid while Stanford, Arkansas, Boise, Houston, K-State, Va Tech, and others lay claim to the two at large slots.
I don't know how they choose the March Madness selection committee but they generally seem to do an ok job. I know it's apples and oranges (easier to pick 34 at-larges than two), but I would think the same process could work here. As is the case with your proposal I think the key here is the primary value placed on winning your conference. Do that and no need to worry about getting in. Frankly, I would not have too much sympathy for the gripes put forth by the at-large teams left out...just like Va Tech seemingly every year in hoops, your team had ample opportunities to win your conference and you didn't get it done. I would be hesitant to have any more than that.
What I like is the auto conference berth plus the two at-larges combines the "win and you're in" mentality of a playoff system with the subjectivity of the current system with the at-large bids...thus allowing for a "correction" if necessary.
For example, let's say Georgia upsets LSU in the SEC title game and it's on a controversial call. Without at-larges LSU stays home, which (last night's performance aside) would have seemed unfair given their body of work over the course of the season. In this scenario they get in, but they probably take a hit in seeding (every game actually counts!)
(with the exception of Boise) All those at-larges you mention did not win their conference, Clemson did. They all had their chances, they failed to capitalize.