Yeah this would be great. Then when the 9th ranked Buckeyes, who just beat scUM, win the Big 10, they don't get to go to the Rose Bowl, and instead end up in the Capital One Bowl. Give me a break. It's pretty simple. The Big East is a mid-major now, and there are only 5 major conferences. So give 5 automatic bids, and give 3 at larges, or 5 at-larges if there is another BCS bowl.
Frankly I think they should get rid of the BCS completely. Go back to the old bowl system, but after the bowl games, THEN have a national championship a week later (this can be used as an OFF week between the NFL regular season and the NFL playoffs), in which the top 2 teams can be determined by a BCS style ranking.
This would make me happy because the Rose Bowl would go back to being Pac-10 vs. Big-10. Plus the bowl games would now become even bigger for some teams, because 4 or 5 teams may be playing for a shot in the title game.
I know that this really wouldn't solve that much, because you could still end up with a 3-way tie (or more) like this year, but I think it would just be better than the current system, if for no other reason then the fact that it makes the Rose Bowl pac-10 vs. big 10 again and let's the national championship be a seperate game, not a bowl game.
I think the playoff system would solve a lot of problems, but it would totally screw over the bowl game system we have now, and the bowls are what make college football special.