I used to look forward to New Year's Day, watching the Cotton, Rose, Sugar, and Orange Bowls. Sometimes, even the Fiesta Bowl, but I think that addition diluted the field a bit. Then, we could argue who should be number one. I think they ruined it , at least for me.
The Cotton had Southwest Conf champ, usually Texas or Arkansas, against a strong independent or a conference runnerup. Rose had Pac 8 champ, usually USC/ UCLA/ Washington against Big 10 champ, usually Mich or Ohio St.
Sugar was SEC champ, usually Alabama/Auburn/Georgia against a top independent team like Notre Dame/Pitt/Penn State/Miami/Florida State. Orange was somebody like Nebraska/Oklahoma against a top independent. It was all over in one big day. This was also before the SEC and others had a conference championship game. You had better win your regular season championship or you might get left out.