Dan Wetzel makes his usual compelling case. If they just can't bring themselves to play them on campus where they belong, these games at the very least need to have a regional city that gets the bid if the Big 10 (as an example) gets a top 2 seed. As long as it is a city and stadium of "acceptable" size, it should be totally up to the conference. So if the Big Ten wanted to play it at Soldier Field as a home game for their participant to play a southern team it could.
The bowls can now be out doing what they do: ripping everyone off to subsidize profligate spending on parties. There is no good reason to include them at all.
The other great point offers a solution for many of the users on here who want to see Michigan play more non-conference home and homes during the season. All the playoff people need to do is adopt some formula that gives large weight to playing hard games. You'll get your road games at Florida State and Texas if that happens. Right now there is a disincentive to schedule hard under the current system.