I'm glad we don't have a playoff. Were we to beat Texas they would have another shot at the title. That wouldn't be fair to the other undefeated teams....
i have to disagree with you there, because there should be an 8 team playoff and that way a loss would not necessarily destroy your season, but everyone deserving would get in to the playoff. also, after the playoffs, there could still be all of the bowl games for the teams who do not make the playoff. that is just what i think would be the fairest.
On the other hand, a loss to NU would knock Texas out of title contention and they wouldn't be guaranteed a BCS bowl. NU, with 3 losses on their resume, would get an automatic bid.
If Texas was in the MWC they would have already punched a ticket to Pasadena. Not everyone assumes the same risks.