Why kill the bowls? They are awesome.
This was always an easy fix. Either incorporate the bowls into playoff rounds or fill them with playoff losers.
Automatic bid for conference champs. 5 at large selected by formula or committee. You lost your conference? Suck it. Your playoff hopes are out of your hands.
The season gets more thrilling for more teams. It also gives good teams a fair shot to have adversity (injuries) and still have a title shot (like every other team sport on the planet).
The bowls haven't been "awesome" in 20 years. they have gotten progressively worse and more worthless.
The stupidity of this all is that it is not the "bowls" which make the college football season "meaningful", it is the avoidance of competition. At one point (a long time ago), colleges weren't afraid to schedule good OOC games because everyone did it, and many national champions had 1 loss (including 2 UM national championship teams).
Now, these quality OOC games are avoided and 2/3 to 3/4 of the entire schedule is made up of conference games, thus we have already regionalized and minimized the college football "regular season", which has been getting worse nearly every year.
And the very concept that college football teams won't "play hard" in the regular season because so many teams make the playoffs is just a joke. There is still a massive advantage to higher seeds and (possibly) home games, depending on whether the current bowl sites are used or are not used for the playoff.
I'm not saying we get to 16 teams immediately. The obvious answer would be to go to 8 first, before the contract is over, and then see how the ratings and fan interest go.
But anyone who thinks that ESPN and/or Fox won't pony up HUUUUUGE money for a larger CFP playoff is just nuts. And, sadly, monetary interests have dominated CFP for 30 years, it's why we have the conferences we have and the landscape that we have.