I hate to act so out of it, and perhaps I am, and no offence to those guys, but I don't consider VA Tech and TCU elite programs. Sure in 2008 you wouldn't have expected USC to fall off the face of the earth, but no matter how bad they are, it would still be a game to watch if you scheduled them against LSU, same with Michigan or Ohio State. In general I love keeping systems segregated until that one big game to decide it all, like the old National League versus American League in the World Series, or AFL versus NFL in the Super Bowl. When they were completely separate they evolved into completely different styles of play, and it was fun to speculate which system would dominate when they were finally pitted against each other. The difference is in order to get to that one special game or series you had to run the gauntlet of a playoff-pennant system.
College football pits two teams together in a much more arbitrary way. Alabama has absolutely dominated everyone over the recent past, even more so than they did in the 60's. The question for us outside the Southeast US is, is the whole SE Conference that dominant or is their reputation skewed because Alabama happens to be in their conference? No doubt there are a lot of very perennially good teams in the SE, but we feel the same about the PAC 12. What happens is one good team beats another, or a favored team relaxes against a lesser opponent and loses, and are then completely out of contention. If you are not going to have a real 16 team playoff system, I would personally prefer the old AP and Coaches poll for picking a National Champion. I think the BCS is just as arbitrary, yet with the trophy and everything it gives itself a credibility it doesn't deserve.