I say we should go in the opposite direction. Get rid of the BCS but instead of a playoff, make the national championship even more mythical, the way it used to be. Emphasize conference championships and traditional conference vs. conference bowl games the way the Rose Bowl used to always match the champions of the Pac 10 and Big 10.
Why do we want a winner-take-all system in college football? Let each of the two dozen teams that win their bowl game go home happy.
The BCS system has damaged scheduling because colleges are all trying to go undefeated to be in the top 2, so the top teams schedule patsies at home for their non-conference games.
Moreover, winner-take-all encourages rich guys like Phil Knight (Oregon, which beat USC Saturday) and Boone Pickens (Oklahoma St., which lost to Texas) to waste fortunes trying to win national championships. We should be looking to decrease spending on college football, a zero sum activity. (This ties into my contention that conservative Red State zillionaires waste a lot of their charity giving on trying to beat other conservative Red State zillionaires at college football, when they could be giving the money instead to, say, me.)
Maybe we should have one Open Conference for twelve teams (USC, Texas, Florida etc.) divided into East and West divisions who play for an annual Open Championship. "Open" means minimal test score and grade standards for athletes: i.e., gladiators. If the best thing a kid can do in his life is play football, he shouldn't have to stop at age 18 just because he's dumb as a box of rocks.
On the other hand, schools that don't care about the student part of student-athlete, such as USC, shouldn't be competing with schools that do, such as Notre Dame.
If you impose test score standards on your football recruiters, you can still put together a decent offense (there are plenty of quarterbacks and offensive linemen who are legitimate C students or batter at state flagship universities), but you really can't compete on defense.
So, let everybody else besides the 12 regional powerhouses form conferences that set their own standards for recruiting and hire their own enforcement police for student athletes.
For example, when I was at Rice, I thought it would make sense to have a conference with Rice, Vanderbilt, Tulane, Georgia Tech, and, uh, well, I'm starting to run out of high-brow Southern schools that play Div I football, but you get the idea. It would be fun to have a football team composed of guys who on average project out to be say, at least the 20th percentile in the class in GPA. And if that reduces the quality of the scholarship athletes enough that a bunch of walk-ons get some playing time each year, all the better.