You say this but MF was let host it last year :p
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The top 5 making the playoffs has given the First Division a lifeline. More teams are kept alive and active for longer in the season.
The first key thing to achieve is more of a reward for finishing 2nd or 3rd. Home advantage for 2nd and 3rd in one legged semi-finals against 4th and 5th would achieve that.
I also think 5th place in a playoff goes too far. And that 9th in the Premier has it too easy just playing one game. I'd have 9th from the Premier vs 4th in the First division and 2nd vs 3rd in two semi finals and then a final for who gets the top flight spot.
Should be two down, two up anyway. Premier Division team shouldn't get a second chance after a crap season.