I know I'm strictly in the minority here, but I kinda like college football the way it is with the bowls. If you want playoff football, check out the NFL. Granted Auburn got totally screwed last year, but 3 undefeated teams is an abberation, that hardly ever happens.
A playoff would be cool, but the field would have to be small enough (like four teams) so that the regular season keeps its cut-throat elimination feel. Just look at college basketball, with conference tournaments deciding automatic bids (except for the Ivy League), and the major conferences eating up at-large bids, the attitude is kinda like, play well enough to get into the big dance, then anything can happen (see Syracuse 2003, Arizona 1997).
That being said, hey, at least the BCS has the bowls on the same page. If you want to go back to as late as the early 90s, the Orange Bowl featured the Big 8 champ vs. an at-large, the Sugar was SEC Champ vs. at-large, the Fiesta was just two at-large teams, and the Rose was of course Big Ten champ vs. Pac-10 champ. Under that system, teams just went to bowls they had obligations to, then after that they voted.