Here is the main idea of the system. 

1. The 5th BCS game (National Championship game) would be scrapped and we would revert back to the original 4 "BCS" bowls.
2. The 12th game is eliminated from all schedules, removing or at least partially removing the "too many games" argument.
3. Each Conference wanting the opportunity for their champion to be selected to the BCS would be required to hold a Championship game. This would in essence create an extra playoff round to help weed out undeserving teams. 
4. A ranking system similar to the current one would remain but would only be used for At Large Bids.
5. Each of the Six(6) current BCS Conference Champions would get an automatic bid.
6. One of the "At Large" bids would go to the highest "BCS" rated team in a Non-BCS Conference and/or an independent team (Notre Dame), provided that they are in the top 8 in the final regular season BCS Standings.  
7. Each of the Four(4) BCS bowls is given the status of "QUALIFYING GAME" for the Four(4) team National Championship Playoff.
8. The Champion of each Qualifying bowl would earn a berth in the NCAA National Championship Playoff as that Bowl's Representative (additional sponsorship $ due to the fact that the Bowls and their sponsors would get additional pub through the rest of the playoff).
9. The Semi-Final games would be held at Neutral sites, one on the East Coast and one on the West Coast.
10. The Championship Game would rotate around to each of the original BCS sites.

 

Obviously to become a Bowl's representative you must be invited to that Bowl and win the game.  The Big10, PAC10 and the Rose Bowl get to have their cake and eat it too since they get to continue their traditional Rose Bowl match up.  However, for this concession by the remaining conferences, the Rose Bowl Representative is required to play the highest "BCS" ranked Bowl Representative in the first round of the NCAA NCP. 

You don't use the bowls as some sort of playoff where you end up having a team go to 3 different bowls in one season.  It would be absurd to have 3 bowl championship banners hanging up from the same year.  You separate the Bowls from the championship game/playoff, each being their own entity and you MARKET them as such.  This system also allows for the smaller bowls to remain (even though we all agree that there are too many of them).  This should appease the bowl purists as well as the playoff nuts since the bowls stay sacred and we have essentially created a 8 team playoff.  

Since each of the Qualifying Bowls would mean something in the National Championship picture, ratings would increase for all of these games instead of just the BCS National Championship Game.   

The Rose Bowl and one of the other qualifying bowls would be played on New Years day while the other two would be scheduled on January 2. The NCAA National Championship Playoff would be played on the 2nd and 3rd Saturday in January, assuming a minimum of 7 days rest in between each round, so as not to interfere with the Superbowl. 

Q.  What about the #9 team or #17 team etc. ?

A.  In any given year how many teams have a legitimate claim to the National   Championship?  Somewhere between 3 and 6.  The team that gets left out of any system is always going to complain, but think about who really has a legitimate argument.  Once you get past 6 or 7 it really doesn't matter.  If you give the "LEGITIMATE" teams a shot that's all you can ask for.