Eventually what I would like to see happen is the playoffs get expanded to 16 teams.
1.) I would take the 10 conference winners (yes, even from the smaller conferences to get some "Cinderella" teams in there) and then have 6 "at large" bids based on national ranking.
2.) I would then seed the teams like in the NCAA tournament and would pair them #1 against #16, #2 against #15, and so on and so forth.
3.) The top 8 seeded teams would have home field advantage over the bottom 8 in the 1st round.
4.) Then in the 2nd round the remaining 8 teams would play in 4 of the following bowls (Rose, Sugar, Fiesta, Cotton, Orange, and Capital One).
5.) Then the final 4 teams would play in the remaining 2 major bowls which would rotate every year.
6.) The final championship game would be played in a national championship bowl.