I did want a playoff system, but now Ive come over to the darkside and actually prefer the BCS or even pre-BCS days. A playoff would kill the the regular season (see NCAA basketball) a 2-3 week long playoff would be more exciting than the current bowl system, but total interest/excitement would be less than the 4 month long drama that is the regular season. Even in the NFL, does anyone really care that the Cleveland Browns destroyed the NY Giants, one of the best teams, on MNF, no but everyone certainly cares that USC lost to Oregan State. And another item that I never see mentioned is that all the non-conference rivalries, especially those played at the end of the season like ours, would lose virtually all their luster, basically after the first time we lose to UGA but still make the playoffs , that generation of fans on will keep caring less and less about that game until after enough meaningless games the game may even get taken off the schedule all together.
I am PRO-8 Team Playoff System. The reason is how can you say a 1 loss Oklahoma team is better than a 1 loss Texas team. You cant! Why does Florida get to play for the MNC and not USC (they both only had 1 bad half). The only fair way is to play it out on the field. I understand your point about the regular season losing its luster, but the NFL is not a good example to compare to. The NFL has 16 games and there have been 7-9 teams make the playoffs. NCAA only has 10-12 games and no 6-6 team is going to make the NCAA playoff. Also, in the NFL a powerhouse team can lose their last 2 games and keep homefield advantage. If you lose your last game in college, you would almost definately lose your playoff spot unless you are in the top 3. In fact, I think the regular season would be more interesting because more teams actually have a realistic shot at making it to the playoff. The only thing that would suffer are the bowl traditionalists, but they are so outnumbered by people who want to see a true champion.
P.S. If GT had beat UNC and UVa and were 12-1 and #6 in the BCS you would sing a different tune. GT will never be able to play for a MNC with 1 loss, unless all Big12, SEC, Big10 teams have at least 2 losses. It sucks but thats the bottom line. WE NEED A PLAYOFF!