An article from Slate.com rehashing reasons the BCS rankings are retarded that have been discussed extensively on this site. However the fourth bullet presents an interesting theory for why a playoff never got adopted in the 1990's.
1. The smaller schools, which outnumber the big football powerhouses about 5-to-1, would have voted to send a lot of the money to the smaller schools that in fact had not participated in the national championship contest in any meaningful way.
2. The big football schools would have bolted and revolted. They'd have walked out of the NCAA and formed their own organization. The two-tiered system of NCAA and NAIA schools would have been replaced by a three-tiered system with the NCAA occupying the middle tier.
Still boils down to money, but I haven't heard it presented this way before. Also chuckled at the use of 'Gomer.'