I've read this thread off and on the last couple days. I've seen this mentioned quite a few times, or at least something close to it, but I'll say it again.
College football is the only sport where a team can go undefeated and still have NO CHANCE to play for a national title. With a playoff that gives an automatic berth to all conference champions, that is no longer the case. You can say that the champions of the smaller conferences aren't better than second-place finishers in the power conferences, and while that may be true in some cases, it shouldn't matter. A team that wins all of its games and gets left out of the championship picture has a right to complain. A team who loses a game, while still a very good team, has no right to complain about being left out because they didn't take care of business every week.
That said, I think with a 16 team playoff, it would be a rare occasion for a championship-caliber team to be left out. If you have 11 automatic bids and 5 at-large bigs, you're still going to have 11 teams from the power conferences in the playoffs. You would obviously have to find a way to choose the 5 at-large bids, most likely using a system similar to the BCS or a selection committee, but more often than not, all the "title contenders" would be included.
Let's look at this season, for example.
Automatic bids:
Georgia Tech - ACC
Texas - Big 12
Cincinnati - Big East
Ohio State - Big Ten
Alabama - SEC
Oregon - PAC-10
East Carolina - Conf USA
TCU - Mountain West
Troy - Sun Belt
Boise St. - WAC
Central Michigan - MAC
At large bigs (based on BCS rankings):
Florida
Iowa
Va Tech
LSU
Penn State
Teams that just missed:
BYU
Miami
WVU
Pitt
Oregon State
Playoff matchups:
Troy at Alabama
ECU at Texas
CMU at Cincinnati
LSU at TCU
Penn State at Florida
Boise State at Va Tech
Iowa at Oregon
GT at Ohio State
Now, I'm sure you make a case for team like BYU, Miami, etc. that were left out in favor of some of the other at-large teams, but here's the thing...they've all lost at least 2 games. Under this playoff system, there would be teams that might complain about being left out. However, they would not be UNDEFEATED. BYU and Miami may be better than Troy and East Carolina, but at least they had the chance to win all their games or win their conference to get into the playoffs, whereas Boise, TCU, and Cincy all accomplished those goals, yet they have no chance at a national title. There's always going to be someone unhappy, just like bubble teams in NCAA basketball, but under a playoff, you get the chance on the field to earn a national title. You won't see that chance taken away from an undefeated football team that could arguably be as good as one of the teams playing in the title game.
There are 34 bowl games, which means that 68 teams are playing post-season games this year. If you take 16 teams out of that pool, but still allow 26 bowl games to take place, there is still plenty of revenue generated by those games. Some of the first round playoff matchups may not generate that much revenue, but I guarantee you that the rest of the playoff games would. Play some of the playoff games in the bowl venues and keep the sponsors, if you really want to.
I've read good points on both sides of this argument throughout the thread, but I don't see how a playoff would be detrimental to college football, whether it be from a competitive standpoint or from a revenue standpoint. I just don't see how there couldn't be a scenario created that could give us the best of both worlds, settling a champion on the field, while still generating enough revenue to benefit the universities.
And finally, if we can't agree that all conference champions should get an automatic bid to the playoffs, wouldn't it at least make sense to have some type of playoff? Even if we take the top 8 or top 16 teams according to the BCS rasnkings and have a playoff, that's still going to include any team that's actually capable of winning a playoff championship. Personally, I don't think that would be fair to a Troy, ECU, or CMU, but I can also see the viewpoint that there's no way those teams would win the title, especially after already losing multiple games. Wouldn't some sort of "on the field" championship be better than the current system?
This sounds pretty good to me, which has already been mentioned somewhere on here.
http://rivals.yahoo.com/ncaa/football/news;_ylt=AqwXVoL0xx240KB9XZY4uyocvrYF?slug=dw-ncaafplayoff120709&prov=yhoo&type=lgns