The Definitive Playoff Argument
Many people out there are demanding that the NCAA have a football playoff. College Basketball, Division I - Championship series, NFL, NBA, NHL, MLB all have playoffs. Their champion is the winner of the playoff, not the best team in the league. It would be hard to argue that the Steelers were the best team in the NFL last season, but they were the champions. It would be impossible to argue that the Cardinals were the best team in MLB last season, but they were the champions. Nothing wrong with a playoff system and the Division I - Bowl series would be fine if it went to that.
However, the way it is now has its merits as well. Even though the BCS provides arguments about teams that deserved a shot at the title didn't get it, it does provide a system where the champion is not a team that doesn't have a legitimate arguement as being the best team of the season (save Nebraska that one year, but they closed that loophole). Looking back on the season, you could probably argue the following teams as being the best in college football this year:
Some other team in a playoff could get hot and win it all and be the champ like Notre Dame or Wake which is all fine and good, but I like the thought that the best teams in the 'league' becomes the champion.
Look, many complain about Iowa calling themselves the Big 11 champions when they win the tournament. Well, they did what they needed to do to get there and won it. So they would be the champions. If NCAA football had a playoff and Wake Forest won it, would we all say, 'well, Wake is the playoff champions, but Ohio State was the real champion.' Think about that.
Re: The Definitive Playoff Argument
People complain about the "Big X Champions" comment because in the Big 12 there is a trophy for the regular season championship and also a trophy for the tournament champion (not sure if this is the case for the Big 10 or not). As for my personal opinion, I don't care who is the best team during the regular season in any sport (as long as they are guaranteed a spot in the playoffs). The regular season exists for seeding purposes and then the teams fight it out on the field in the playoffs. I agree with you that it might not necessarily be fair for the team that was the best during the regular season but apparently public opinion is that it's better for everyone to have a chance.