Outside of the CFP bowls, the bowl games are just meaningless exhibition games that serve little purpose. When it really comes down to it, I really don't care how many there are or their quality of play. If some corporate stooge wants to throw a meaningless party for a meaningless football game and manage to get ESPN to pay to televise it, go for it.
So, my hope (dream) for CFP v2.0 is that bowls are stripped from it all together. 4, 8, 16 teams - I don't care. However, incorporating the bowls into this thing is stupid, as it adds another cook to the pot. Have cities bid to hold the quarter/semi or give the highest seed home field. The final should always be bid out to host cities.
Then, the Rose, Orange, Sugar, Fiesta, Cotton, Peach, WhoGivesARat'sAss.com bowls, etc. can hold their meaningless exhibition games with whomever they want.