SI's Andy Staples just published his most recent
Punt, Pass & Pork in which he describes three CFB rules he'd change and one he wouldn't.
Can't disagree with any of those. But also is Random Ranking nails it. If you ever call someone Champ, Boss or Chief you might as well be telling them to go fuck themselves.
On the overtime thing, I would just propose a change to the NFL rule:
1. If the first team doesn't score, the next score wins (as it is now).
2. If the first team to possess the ball kicks a field goal or scores a touchdown, the second team gets a chance to match or surpass.
This would drastically change NFL teams' overtime strategies, but also add some intrigue... it would probably be advantageous to elect to kick the ball to start OT, that way you know what you have to do, but you'd also have to consider the 15-minute clock, and decide whether giving up precious TOP in a single quarter of play is worth the advantage.
It might also help reduce the chance of games ending in ties, as you'd probably see a lot of the teams scoring second in an OT period going for the two-point conversion, since it's at the 3-yard-line, rather than going for the extended-range XP.