Not true. The BCS got it right every time. You can easily pick the essential teams. Everything else is filler. We could live in a world where they are a 5 or 10 teams that we're not sure who is best, but we don't. It's never been that way.
The current structure is bad, but more teams will be much worse. There is an element of randomness in football that really just creates a lot of useless crap. There's nothing important about it. If somebody like Miami wins, that doesn't prove they are essential to picking a champion. They are filler. Even they win, they're still just a spoiler.