Great system........
Rather than deciding it on the field, it's decided by what pin heads think.
If it were OU vs. USC or Fla. vs. USC, the line would be even or +1/-1 either way.
There are 120 different teams in Bowl Sub Division each team plays only 10% of the league. Compare this to the NFL where each team plays 33% of the teams in the NFL.
In the NFL 6 teams per conference make the playoffs (37.5%) and even then there are times when a team with a better record does not get in because of limited slots.
Now Lets just shoot for NFL participation numbers
Games per season 40!
Teams in the Playoffs 45!
Sorry but a playoff wont work in a league with 120 teams, you also have con central governing body to keep teams and conferences anywhere near balanced in terms of size, geography, internal rules, ..., ...
Finally there is tradition playoffs would destroy a Bowl Game...
Welcome to the Fiesta Bowl where the winner goes on the the Rose Bowl, ..., ...,