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The rules are simple. Here goes.
(1) Qualifying teams are champions from the six major conferences, the two highest-ranked non-major conference champions, and four at-large teams.
(2) Two-team maximum per conference.
(3) Seeding and at-large bids are based on BCS ranking.
(4) First round games are played at the home of the higher seed.
(5) Second round games are played at neutral sites as near as possible to the higher seed.
(6) Rose, Fiesta, Sugar, and Orange Bowls rotate as championship site, final four site, and second-round site.
(7) Final four is always on New Year's Day.
I think this system solves a lot of problems. First, with only four at-large spots, it puts a very high premium on winning your conference. The regular season would still be very important. Second, it ensures that at least two "little guys" get a shot each year. Third, with the high probability that one of the top four seeds will win the tournament, this system will usually only add two games to the schedule for the winner and runner-up. Fourth, losers in the first-round could still accept bowl invitations. Fifth, the Big 10 wouldn't have to go 50 days in between games. Finally, there would be a mutha-fucking assload of money to split however the powers that be want to split it.
Why.
Can't.
This.
Happen?