The BCS has always made a big deal that switching to a playoff format would ruin revenues and the Bowl format. But why can the playoff games be labeled as bowls? They can label both semi final games as two separate bowls and one specific bowl. Then they can have a 3rd place game and Championship game labeled as two separate bowls. I get that less schools will have less access to these revenues, and a separate solution should be worked out to resolve that. However, the bowl format can definitely be reformulated to fit the new playoff format.
In my opinion, bowls could very well be co-opted into playoffs when it comes to college football. I think this would add an interesting new element to playoffs, and is an option that other sports have explored and succeeded in. Throughout the 1960s, the Playoff Bowl existed in the NFL, and was very successful in its time.