Maybe the committee wouldn't work but I think it's worked pretty well in basketball. I think the computers and polls having Stanford over Oregon at #4 in the BCS standings last year is a clear example of the BCS system not working for selecting playoff teams.
As a fan of a team in a conference who has far and away had the toughest schedules in college football the past few seasons I care ZERO about which of two very close teams from one other conference gets picked in the 4/5 position argument. I don't think a selection committee is better at that than SOS/computers anyway, both sides have an argument no matter what.
What I do care about is 0 and 1 loss teams from conferences that allow for incredibly easy schedules getting taken over more deserving 1 and 2 loss teams from the Big 12 that play tougher schedules. Look at Iowa's schedule this year, it's a freaking cakewalk compared to ours, and I think Iowa's conference and non-conf are still easily in the top half of BCS conference teams!
Selection committee = pi$$ on rewarding schedule strength
computers = only way to accurately account for schedule strength
Since the Big 12 (and apparently a majority of macho ISU fans) absolutely love us having the top SOS ranking every single year, it's insane for us to want a selection committee that "thinks" it takes SOS into account but really doesn't even at the 1/3 level the BCS takes it into account.