"On the positive side, a 16 team play-off would better determine a national champ and bring increased revenues from viewership. On the negative side, it would require up to three additional games played beyond regular season - bowl game now. Injuries and time away from classes/study (as if that matters) would increase."
The negative side of the argument doesn't fly, the NCAA could implement a 10 game regular season, and hold the playoff during the tradition Bowl time. A 10 game season would give the 2 teams that play in the championship 13 games. They play 13 games now if they go to a bowl. If the playoff is scheduled during the traditional bowl weeks no class will be missed, the kids will be on winter break.
But that would offer a bigger negative for all the schools; less games = less revenue. What do they play now? 12? That would be two less games for all schools.
Would that be the maybe 2% of Div 1 football players that actually attend classes, or am I over estimating. ;~))