There has been much talk lately about the BCS and college football playoffs in general. I think an eight-team playoff would generate much more buzz and revenue than the current championship system.
I think that the top eight teams in the BCS should play in a single elimination playoff (with the No. 1 seed playing the No. 8 seed). This would still make every regular season game important to every team. The bowls used would be the Gator Bowl, Cotton Bowl, Rose Bowl, Fiesta Bowl, Orange Bowl, and Sugar Bowl. Here is how the set up would look from last year:
No. 1 Oklahoma vs. No. 8 Penn State (Gator Bowl)
No. 2 Florida vs. No. 7 Texas Tech (Cotton Bowl)
No. 3 Texas vs. No. 6 Utah (Orange Bowl)
No. 4 Alabama vs. No. 5 USC (Sugar Bowl)
Gator - Sugar winners (Fiesta Bowl)
Orange - Cotton winners (Rose Bowl)
Winners of both bracket sides (BCS National Championship Game rotates every year)
The maximum games this would add to a team's schedule is 3 games, which isn't too bad. There should be 12 bowl games outside of the eight team playoff. This would generate more buzz than the current system, resulting in more money for college football. A game could be dropped from the regular season if three games is too many extra games to play.
Overall, this system would maximize the legitimacy and excitement of the post-season while not diminishing the value of the regular season.