As cool as a playoff would be, and how bad we'll want one when the season is going on, there are some decent arguments that can mildly convince me to deal with the status quo:

http://nittanywhiteout.com/2008/05/01/the-rose-curtain/

Besides, the big ten is raking it in with the rose bowl deal that virtually garuntees us two BCS spots every year.

I've long wished for a playoff of some sort, but I've basically now come around to the point of view that the only real way we can have a legitimate playoff system that works would be to can the bowl system entirely.  And unfortunately, that means it's never going to happen, without the NCAA issuing a decree from on high, because too much money is made from corporate sponsorship of the too-many bowls that we have today.

Trying to fit a playoff into the current bowl system would be a haphazard patchwork solution that would create additional problems (such as who would go to these extra games at neutral sites on one week notice).  So until the NCAA decides to scrap the bowl system, we're stuck with the BCS.  But remember that the BCS is much better than what we had before, when the (arguably) two best teams would rarely meet (wouldn't we all have loved a Penn State vs Nebraska matchup in 1994?).  At least with the BCS we're reasonably assured that the national championship game will pit two of the best three or four teams against each other, if not the two best.

I'm not old enough to remember, but it seems like the discussion over a playoff system vs. the bowl system are a recent development in the past few years.  And at least to me, it appears the debate gets louder and louder as college football becomes more and more popular.  And an increase in popularity is an increase in money.  And money drives everything.  

I don't really think a playoff system would decrease the money the NCAA would receive.  The loss of money from bowl sponsorships would be more than made up in commercial advertisements throughout the course of a playoff, with ads during the championship being worth a considerable amount more than ads during the Rose Bowl or any other BCS bowl.  Corporate money will always follow the viewers, and I have a hard time believing that a playoff system would decrease the number of viewers we currently get with the bowl system.  

Personally I'm still in favor of the bowl system (but think they should cut a few).  Sure, some teams get screwed, some teams get favored (cough, Notre Dame, cough).  But it is tradition, and tradition is what college football should be about.  A playoff system would effectively lengthen the season, forcing players to practice and play weekly playoff games at the end of the semester and during the holidays, when these students should be focusing on classes/finals.  

I'm afraid a playoff system would commercialize college football even more, almost to the point of the NFL playoffs, and would also reduce the parity in college football.  The NFL has free agency and a salary cap to help reduce the dominance of dynasties.  College football doesn't, and I think a playoff system would make it easier for one team or a couple teams to run the table routinely.  The BCS system still provides some doubt at the end of the season if we've seen the true champion.  A playoff system would remove that doubt, and the recruits would flock to those champions continually.

That's about all I got.  I've been drinking and it's been a long week.

College football should settle it on the field, just like the NFL does. That way we know we are rewarding the best team at the end of the season. Right?

Thing is, that's total bullshit.

New England was 18-0 last year. They beat everybody, including the Giants, at Giants Stadium, less than a month before the Super Bowl. The Giants didn't even win their division. The Giants had no business playing for a World Championship last year. None. But they pull one game out of their ass, and the best team in league gets nothing. In the NFL, a week 17 game between a 16-0 team and the eventual world champion was completely irrelevant. It might as well have been an exhibition game.

In the NFL if you win more than 10 games, and end the season on a four game winning streak, your having a parade with the Lomabrdi Trophy at it at the end of the season. That's no way to determine the best team in football. Sure it's fair, but picking the champion out of hat would be fair too.

Under the BCS system, no undeserving team has ever been crowned champion. There have been a few teams that arguably should have played for the title, but no undeserving champions.

The BCS has some problems (which could be easily fixed) but when it comes to crowning the most deserving champion at the conclusion of a season, the BCS does a better job than a playoff would.