The idea Notre Dame could even be considered for a bowl game after getting their asses handed to them by USC is absolute joke. It shows that ratings are far more important than merit with the politicos that run college football.
Iowa was the better team in the Big Ten than Ohio State, deserve to be ranked third and if Hawkeyes aren't in a major bowl, it will be more proof of what a farce the whole BSC is.
It's way past time for a real playoff system. Making money off a playoff system will not be a problem.
Here's the ultimate practical playoff system:
http://www.freerepublic.com/focus/fr/601335/posts
In a nutshell:
My opinion is that the conferences should demand at the next contract that the BCS rating system, not the bowls themselves, determine the 8 participating teams(thus no more of this Notre Dame mystique BS bribing their way into where they don't belong). The bowls can retain the decision of dividing the 8 among themselves. ABC should demand a post-bowls 3-game playoff of the 4 winners. To lure the conferences to the playoff proposal, ABC can sweeten the deal by proposing a 4 team at-large playoff round(preferably the week after the conference championship games, or concurrently if logistics demand) to determine the final two BCS teams(the conference champs being the first 6 to qualify). Money from playoff games to be divided among the 6 participating conferences. There will never be more than 4 non-conference champs(or independents/minor conference members) with stong claims to being legitimate national champion contenders.
Can be fine-tuned and expanded later, but at least we get an 8 or 10 team playoff to start.