Although I understand the economic aspects of the bowl game system, there is no true College Football Champion without some sort of playoff system. Anonymous rankings will never be enough when it comes to picking who gets to play in the championship game. Playoffs will allow for a more universal winner.
The only way to clearly determine a clear champion is to play head-to-head matchups rather than use a computerized system to determine the two best teams. The new college football playoff system to be used in 2014-2015 will still have flaws as some teams will still be left out of the fun. However, a limited playoff system is better than the BCS.