My first reaction though, is that we've (well they've) built a money machine that we now have to live with so that someone can make their money. And that I think is wrong. College football fans don't give a hoot whether Tostitos makes 4 million or 5 million from a bowl game.
Now, I know your argument will be about the financials supporting the bowls and/or playoffs, and that's legit. But there has to be a way. I don't think you give up on the idea just because money has taken over the sport.
If you use the current BCS bowls as playoff/title games, you're killing their identity. First of all, the Fiesta Bowl markets a Fiesta Bowl experience to fans. Secondly, Tostitos (or whoever the hell) sponsors a distinct marketable product. While a national semifinal would draw some interest just for what it is, the marketing potential is drastically reduced. Is Tostitos going to pay the same for the Tostitos National Semifinal when Fedex is also going to have the Fedex National Semifinal?
But doesn't each bowl become less marketable as you move down the ranking anyway? Do you think Tostitos is just as happy sponsoring the Motor City Bowl as the Orange bowl? Is the #12 vs. #18 bowl game as good as #1 vs. #2 now? I think the importance of every game in a playoff exceeds every bowl that exists now outside of the NCG. The way it is now, there is only really 1 bowl that matters. Plus, in a playoff bowl system, the games aren't competing against other bowls and tv time. They would only air 1 playoff game at a time.
Then you have the fact that a lot of fans make bowls a week long vacation. Will those fans shift from doing the entire experience to just making the weekend trips (now you may be costing event locations - again, losing support dollars) or will they just pick one week to go and take their chances? For a team like OSU, maybe thats not an issue...they could probably find enough fans to fill in each week. But what if Boise State runs through the playoffs? Are they going to generate the fan interest and travel dollars all three or four weeks?
This I think is the major setback. Say OSU is 12-0 and makes it to the NCG. The fans have now had to buy tickets and travel to 3 games across the country if they want to follow their team. I don't have the answer to this, but haven't put too much thought into it yet. For some reason, I have a feeling they wouldn't have any trouble selling out the games, but of course that is purely speculation.