From what I've always understood, the NCAA really has nothing to do with the Bowl games other than you still have to follow NCAA rules. And the major obstacle facing any real play off is more so the conferences. I've never really looked into it, but I would be very interested to see a breakdown of how the money would get paid out in a playoff system. Right now you are looking at at least 5 bowl games with 10s of millions of dollars in payouts to each team. This sets up conferences like the Big 10, XII and SEC to see a significant payout at the end of the year. I don't see that kind of payout going to each of the teams showing up for a playoff. It would end up a giant cash bowl for those who end up in the Championship game. It's just like conference championships. Every year they vote on it in the Big XII, the university presidents get 12 votes for it, the ADs get 12 votes for it and the coaches usually have 12 against it. It's not really a matter of finding a champion, that's not what matters, what matters is the $$$ that comes flowing in for the game.
I'm not here to argue one way or another, But, I'd imagine that Fed Ex is a lot more willing to put their name on the Orange bowl, as the Orange Bowl, than they would the "Fed Ex Quarter Final Match up." Plus, I have a sneaking suspicion that if say the Rose Bowl decided they didn't want to be part of the NC playoff, but they would still offer $12,000,000 for Ohio State to come play USC, that the ADs at those schools would pretty much say, "**** on the Championship, let's take the cash!"
I think for it to really work, the NCAA would have to eliminate all remnants of the Bowl system. I still wonder, if there was no Bowl Competition, what's to stop the Cotton Bowl, from getting Fed Ex to put up the money and steal a few teams from the championship.
Anyways, As has been stated multiple times by multiple people, it's not about finding a champion, it's about getting millions of dollars in the hands of the schools and the conferences. Money that I just don't believe would exist in a playoff system.