I didn't bother reading every post in here, so I'm sure there's something similar to this, but here's my 2 cents.
Keep all the bowls. Every single one. I do enjoy watching the bowl games quite a bit. My problem is with the way the actual champion is decided. So to decide this, make the voters/computers decide the top 8 teams at the end of the season. Seed these 8 teams and put them in the BCS bowls (Rose, Sugar, Fiesta, Orange). Then have a playoff from there. You're only adding 2 extra games to the games the final 2 teams would play otherwise. There would definitely be enough time between the end of the regular season and when the national championship game is now. The bowls would all get to keep their money and I would say that best team in the nation is ALWAYS in the top 8 teams at the end of the season (if not top 4). I really don't think this format would make the regular season boring. Teams are still going to try and win every game. If an undefeated team completely tanks it at the end of the season, the voters can punish them and knock them out of the playoffs. Plus with big rivalries throughout the season, I would think bragging rights alone will make teams want to win every game. Let's look at how it would have happened under this system last year going off the week 15 BCS rankings.
Bowl 1 (Sugar Bowl?)
1 Auburn 13-0
8 Arkansas 10-2
Bowl 2 (Rose Bowl?)
4 Stanford 11-1
5 Wisconsin 11-1
Bowl 3 (Fiesta Bowl?)
2 Oregon 12-0
7 Oklahoma 11-2
Bowl 4 (Orange Bowl?)
3 TCU 12-0
6 Ohio State 11-1
Winner of 1 would play winner of 2
Winner of 3 would play winner of 4
Then the winners would play each other in the BCS championship game.
You could rotate the bowls so that one bowl doesn't always have the, for example, 1-8 match up.
Some notable teams left out:
Michigan State 11-1
Boise State 11-1
LSU 10-2
Nevada 12-1
So it is possible for one-loss, BCS conference teams to get left out, meaning you would HAVE to try to win every game.
In my opinion, the ULTIMATE way of deciding a true national champion would be to somehow realign everyone into 8 conferences and have the winners of those conferences be seeded and play the same format. That would be difficult though since every conference would have to have 15 teams and you'd probably want everyone to play everyone within the conferences. It would eliminate the non-conference regular season, too.
I'd like to somehow get rid of the voters, but I don't really see a feasible way of doing so given the conferences and 120 teams in division 1. All in all, there really is no fool-proof way of doing the whole thing. I just think the way we have now leaves A LOT to be desired. The fact that 3 teams from BCS conferences could all go undefeated, yet 1 doesn't even get a shot at the title, is complete BS. Like I've said before, had Nebraska gone undefeated last year along with Oregon and Auburn, we would have been screaming bloody murder had we been left out. Same with Oklahoma fans, Oregon fans, or Auburn fans had they been the ones left out. The fact that TCU didn't get a shot isn't a COMPLETE travesty due to a fairly weak conference and lack of a weakly grind against top competition, but I still think they should have gotten one. They proved they could hang with the big boys when they played Wisconsin and beat them. If there were a playoff, I really don't think TCU would have kept it up 3 straight games to win it all.
But I'd like to thank CornHOLIO for bumping this thread, as I was about to given all the discussion about this on statuses lately.