I'm with the President on this one (except for the remark about trimming back the regular season):
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I would like to see an eight-team playoff in college football. Six of the teams would be the conference champions from the BCS conferences with two at-large bids. If a conference champion is not in the Top 15 of the BCS standings (or whatever rating system is used), then that auto-bid is not used and a third at-large team gets into the playoff. That conference champion would be given a berth in a major bowl. Teams from the same conference would not play one another in the first round, so there may be an occasion for some reseeding among the eight programs to ensure this doesn't happen.
The first two rounds of the playoffs would take place at the home stadium of the higher seed. The first four games would take place on the second weekend of December with the semi-finals during the third weekend. The bowl games would then run from that time period through 1 January with the national championship game following the completion of the bowl games. The national championship game can go to different sites or be permanently placed in one location like the Rose Bowl.
Using this system, the eight teams in the playoff from last year would have been paired up as follows:
#8 Virginia Tech (11-2, ACC Champion) v. #1 Auburn (13-0, SEC Champion)
#5 Wisconsin (11-1, B10 Champion) v. #4 Stanford (11-1, Pac 10 At Large)
#7 Oklahoma (11-2, B12 Champion) v. #2 Oregon (12-0, Pac 10 Champion)
#6 Ohio State (11-1, B10 At Large) v. #3 Texas Christian (12-0, MWC At Large)
Big East conference champion Connecticut is not included in the playoff because the team was no rated in the Top 15 of the BCS standings. High ranked teams that would go to the major bowls (Rose, Orange, etc.) in lieu of the playoffs would include Arkansas (10-2, #8 in BCS Standings), Michigan State (11-1, #9), Boise State (11-1, #10) along with LSU, Missouri, Oklahoma State, and Nevada (these last four teams are in the Top 11 to 15 in the BCS Standings). An example of the bowl matchups would be something like this:
Rose: Michigan State v. Boise State
Sugar: Arkansas v. Missouri
Orange: LSU v. Oklahoma State
Fiesta: Connecticut v. Nevada
The regular season would be relevant to the end because (1) teams will be looking at getting seeded as high as possible to ensure home field advantage and (2) winning a conference championship title is required for all non-independents and the majority of the BCS conferences now have conference championship games (ACC, SEC, Big Ten, Pac 10/12).
Independent teams (currently Army, BYU, Navy and ND) can get in via the available at-large bids only.