I have no problem with the current BCS system as long as they don't give these automatic bowl bids to four or five specific conferences. That's where all this originated. Utah, TCU, and Boise State were 'outsiders', and even with undefeated seasons, had to have mishaps by certain 'Tier 1' teams before being allowed to play in a BCS Bowl. They rely too much on these computer matchups and Coaches Polls to determine whose ranked where. That was evident when UT Austin got jumped by Oklahoma for the BCS Championship game last year. UT beats Oklahoma in the regular season, but ends up taking a back seat to them by some .02 point difference (or whatever it was).
If they went to a playoff format, you could still use the current BCS Bowls as the semi-final and final events. Just rotate them around every year. Both the school's an the corporations would get the same benefits. The colleges are just crying that it will extend the football season into basketball and baseball season. Waaah! No body pays attention to those programs until March or later anyways.