Let's go over the bowl proponent's objections:
1.) It makes the regular season meaningless.
Rebuttal: It most certainly does not. An 8 team playoff would get the best teams in. These would be the teams that WIN IN THE REGULAR SEASON. If you lose one game? You'd have a good chance at making it. 2 losses? Probably not. How many losses do the national title contenders this year have? 1! So a playoff wouldn't change that in the slightest.
2.) It adds more games.
Rebuttal: There are 12 games in the regular season now. Remember when there were only 11? That was only a few years ago. Take away one game, take away the bowl game and if your team makes it to the finals then they have played 14 games. How many games will Florida and Oklahoma play this year? 14!
3.) It takes away study time for the student athletes.
Rebut: Take away the one regular season game, keep the same number of bye weeks, and move the conference championship games back one week. Play the two weeks of playoffs in early January (like the bowls are now) and the students have one more week to focus more on classes rather than Alabama or Florida.
4.) Yeah, but if you take away one regular season game, rivalries will be hurt.
Rebut: Don't take away a rivalry game. Take the Citadel off your schedule. If you want to make all of the games mean something, then don't schedule Central Kentucky State Junior College as your first game. Schedule, at the least, a MAC team. Or a WAC team. Penalize a team for scheduling too many patsies. Use the BCS formula to determine who gets in the playoff, and subtract half a point for every non D-1A team you play.
5.) There are arguments over who gets in now, and there still would be with a playoff.
Rebut: True. BUT, It's a bigger deal that Texas doesn't get in this year than it would be if, say, Ohio State was shafted. It was a bigger deal when an undefeated Auburn team was shafted than it would have been if, say, Michigan that year was screwed out of 8th place. The point is that all of the teams that definitely deserve a chance to win the national championship would have a shot. And if you have to include 2 or 3 extra teams, then so be it.
So you see? There really is no valid reason NOT to have a playoff other than "That's the way it's always been done". Honestly, we'll probably have to wait for the current generation of university presidents to die before anything happens. They're afraid of a playoff system for the same reason that my dad is afraid of the computer: It's new and scary, and they didn't need computers (or playoffs) in the good ol days, so there's no reason to need them now.