Neither means much to me at all. I don't really consider making a Final Four OR the College Football Playoff to mean much at all. I think the FF has been marketed for years as "making it" across sports media, because otherwise you have a lot more disaffected fans going into the off-season. By turning "making the Final Four" into an accomplishment, there's more to sell, more to hype, more to write, more to advertise against. It's just marketing. And it's kind of silly to me. You either win or you don't. No one cares who came in third. Or even second. It doesn't matter.
Same with the CFP. ESPN, ABC, all those guys, they market the "CFP" because it lets them target a much larger audience across multiple teams, which brings in more viewers. It's a gimmick. "Ooooh, you made the playoff." Big whoop. The CFP is a marketing vehicle for ads. Same as the FF.
Don't get me wrong, if this team had made it to the Final Four, I'd be ecstatic for them. It's be validating to be the first from Tennessee to get there, definitely, and I already think the world of this year's team and these seniors so I'd be happy for them! But at the end of the day, you either bring home the hardware or you don't. That's what matters.
Thus my answer is - I don't really care about either enough to pick one over the other.