i disagree that the bowl games are meaningless now. the big 4 are amazing games and they mean a lot to the teams and schools that play in them. if there was a playoff, that would make the games even more of consolation round than they already are with a Championship Game, but lets remember - the BCS Championship Game is hosted by 1 of the big 4 bowls. so every year, a different Bowl organization gets 2 games. they are the ones benefiting the most now.
The big four are always amazing games? No way. There have been plenty of stinkers, bad matchups, and blowouts:
Rose Bowl: 2000, 2001, 2003, 2008
Sugar: 2010, 2008, 2007
Fiesta: 2011, 2008, 2005, 2004, 2002, 2001
We haven't had a compelling in Orange Bowl in five years!
That's like half of the BCS bowls over a decade with rather non-amazing games. They are not all their cracked up to be...just look at this past season, yet again another 2 crappy BCS bowl games.
With a playoff, just have the final game played at one of the four BCS bowl locations. It's really that simple.