But all a playoff with these 8 teams will accomplish is what the 66 BCS schools have been trying to do all along--set the 66 BCS schools up in a separate division where they don't have to share any money with the 54 non-BCS schools.
What happened in 1978? Division I football split, with the top half or so competing in bowl games in front of huge TV audiences, and the bottom half or so competing in a tournament in front of family, close friends and ten thousand empty seats. The bottom half of Division I, already marginalized, thought they could leverage the tournament into a "separate but equal" sort of event. They failed.
So now, in 2010, we are supposed to imagine that if the FBS schools split, the top half (the BCS schools) will start begging to join the club that is formed by the bottom half (the non-BCS schools)? No--it will be 1978 all over again, and the BCS schools will keep their money and their top-tier bowls, and no longer have to worry about Utah and Boise demanding their fair share, because Utah and Boise are off pretending that their tournament is really important, even though the semifinals are at 6pm on Thursday on ESPNU.