My thought on the whole thing is the NCAA should put a moratorium on TV contracts as the current ones expire and begin to "standardize" college football.
For example, take the 120 current FBS teams and put them into 10 12-team conferences. Have each conference play 8 conference games and a CCG and then have 4 non-conference games. The 10 conference champs and 6 "at-large" teams will each get into the tourney. Put an emphasis on non-conference strenght of schedule/victories and watch the big schools line up to play each other!!!
The bowl system will continue and thrive. There are currently 34 bowl games. 15 bowl games will be used in the tourney and you could set up 24 or so bowl games. 3 a day for 8 days and you have "Capital One Bowl Week" with those games played before the first weekend of the tourney.
The money could be divided evenly for the first round games, and then conferences and schools advancing would receive the bulk of funds going forward.
Imagine Round 1 Matchups like...
#1 SEC Champ - Alabama vs. #16 At-Large - Wisconsin
#2 Big XII Champ - Texas vs. #15 At-Large - Pittsburgh
#3 At-Large - Florida vs. #14 At-Large - Nebraska
#4 WAC Champ - Boise St vs. #13 ACC Champ - Georgia Tech
#5 Big 10 Champ - Ohio St vs. #12 At-Large - BYU
#6 MWC Champ - TCU vs. #11 At-Large - Oregon
#7 At-Large - Iowa vs. #10 At-Large - Va Tech
#8 At-Large - Penn St. vs. #9 Big East Champ - Cincinnati
Assuming my picks are correct, here is Quarter Finals...
#1 Alabama vs. #8 Penn St. - Sugar Bowl
#2 Texas vs. #7 Iowa - Cotton Bowl
#14 Nebraska vs. #11 Oregon - Holiday Bowl
#4 Boise St. vs. #5 Ohio St. - Alamo Bowl
Then come the Semi-Finals...
#1 Alabama vs. #5 Ohio St. - Orange Bowl
#2 Texas vs. #14 Nebraska - Fiesta Bowl
NATIONAL TITLE GAME....
#1 Alabama vs. #14 Nebraska - Rose Bowl
Bowl Tie-ins would be biggest bowl, closest to higher seed...or schools with tie-ins (ie Big XII - Fiesta)