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One of the defining characteristics of college football is that the regular season is high stakes. This would effectively sacrifice that to create more high stakes playoff games.
This is bull****.
The ONLY reasons for the college football regular season being "high stakes" were that there were fewer regular season games of any sport at any level, and because there was no playoff system. All we had were 10 or 11 or 12 regular season games and then a never-ending landscape of ****** bowl games. Therefore, you "had to" go undefeated, because it was nearly impossible for the two best teams to play each other, due to conference-mandated bowl tie-ins.
The game that changed everything was the 1987 Fiasco Bowl, when Miami played Pedo State. Outside of Halley's-Comet-frequency 1 vs. 2 matchups, this was the first intentionally engineered "championship" game between a 1 and a 2, including moving the game away from its normal day and timeslot.
The bowl system has always been, and will always be, a joke. The motivation levels have never been there, and it's being made worse with player opt-outs, the Portal, and coaching changes.
The best way to crown a champion is, and always has been, on the field of play. Let the players play, and if there are some upsets, so be it.
The regular season will continue to be high stakes, especially since more and more of the regular season has become "conference games". Those games matter for conference standings, and for seeding. As we have seen, seeding makes a huge difference. Matchups make a huge difference. The best way to insure one's chances in the CFP is to win as many regular season games as possible.
In every sport, at every level, both the regular season and the playoffs are high stakes. Quite frankly, I'm not sure why anyone would argue for making "regular season" more important than "the playoffs". Quite frankly, it's un-American.
But, yeah, maybe we should go back to the "good old days". Grind out that regular season, and then send all the best teams to contractual-matchup bowl games. What an idiotic idea.
Somehow, every other football league at every other level manages to have multi-round playoffs. And football is pretty much the most popular sport in America (discounting the interminable 162-game MLB schedule, which is gross quantity over quality).