So - we have a lot of speculation around how a 'fair system should work'
Here is a formula suggested for a playoff system. It is inspired by the continental European club soccer championship.
EDIT - Changing number of games played to account for revenue, tradition et all.
STEP 1 - CONFERENCE PLAY
Each team plays a 10/ 11 game regular season
7 conference games against opponents in its division.
STEP 2 - CONFERENCE CHAMPIONSHIP
At the end of the 10/11 games - the winners of each division play for the conference title. Nothin much has changed so far
STEP 3 - PLAYOFF QUALIFICATION
In the national playoff system (16 teams) - each conference champion gets an automatic in. This means 11 automatic bids of the 16 teams (Independents will get slotted into the playoffs). The number of bids for a single conference shall not exceed 3. If a conference is consistently performing weakly in the playoffs - it may have to play an additional game instead of an auto bid, The slot thus vacated becomes an auto-bid for another conference or an additional at-large slot.
Example - If the C-USA last never won any playoff game in the past 5 seasons and the B12 runner up has consistently sent teams to the at -large for the past 5 seasons - B12 may earn a second auto-bid. Or if no clear conference winner emerges then the C-USA autobid now becomes at at-large bid. C-USA will still be able to qualify using the at-large qualification route.
Based on strength of conference, better conferences may get an automatic second bid for the runner up. So, B1G, PAC12, SEC would likely get 2 auto bids. Smaller conference runner ups may play for an at-large bid along with independents.
So - now we have 11 autobid - first placed teams, 3 auto bid - second place teams, and 2 at large bids for independents and other second placed conference teams at initiation.
At large eligibility
1) Conference Champion of no autobid conference
2) Runner up of eligible conference
The highest ranked teams of eligible teams in the BCS poll will get the right to play for at-large playoff places.
Example - If 2 at-large bids are available - the top 4 ranked teams such that they are not in the playoffs through an autobid and champion/ runner up of a conference. In single matched, top ranked team plays lowest ranked team for booking a place in the playoff.
Higher ranked team plays the game at home
STEP 4 - PLAYOFF SEEDINGS/ PAIRINGS
Teams will be seeded according to their BCS rankings at the end of the regular season.
Pairings - Pairings are made such that the top 8 ranked teams in the playoffs do not play each other in the initial round.
The top 8 ranked teams get selected from a pool (called Champions) and bottom teams get selected from a pool (called Contenders).
Same conference teams do not play each other in the initial round even if a matchup is possible. This ensures no Championship game rematch is possible in the first round. Subsequent rounds may however force this. Example - Michigan is ranked 4 and Iowa is ranked 15 - they may not draw each other even though they may be eligible to play each other
Teams in Champions pool play their games at home.
STEP 5 - THE PLAYOFF
At this stage all teams should have played 8 or 9 games. In rare cases it may be 10 games if a team lost the Championship game, played in a qualifying round and became eligible for an at-large bid.
The winning 8 teams participate in 4 bowl games at their historic locations. Bowl games are now decided through a draw, where a each bowl pickss teams in a pre-determined order in a draft system. They may/ may not agree to keep the traditional conference tie-ins.
STEP 6 - ROAD TO NCG
The winners of the four bowl games will proceed to the Winner's Circle. Here the four will be randomly paired to play in two Grand Bowls for a chance to compete in the NCG. Grand Bowl locations can be either rotating around the country in an NFL stadium or one of the existing bowl locations.
STEP 7 - NCG Game
The winner of the 2 Grand Bowls will have the right to play in the NCG.
Long but fair I suppose.