Here are problems this solves:
- There's (gasp) a true NATIONAL CHAMPION!!!!
- The (roughly) top 60 teams from the previous year are in the big leagues.
- You still have to be a really, really good team to win it all. No flukes.
- Keeps most bowl games in tact -- at least the bowl system survives.
- Bowl slotting based on conference finish only -- can't be passed over by "sexier", less qualified schools; largely keeps traditional bowl matchups in tact
- 2nd-tier conference champions, along with getting promoted, get to play in bowl games.
- EVERYBODY in Division 1-A can play for a National Championship, theoretically, within 1 year. If a team is good enough, it'll get promoted to a playoff-eligible conference.
- Schools in 2nd-tier conferences no longer have to be "stepping-stone" jobs -- a team can play its way to annual national relevancy, and a coach wouldn't necessarily have to leave a school for more money/prestige/opportunity
- Mostly keeps traditional conferences & rivalries in tact, but allows for some non-conference scheduling flexibility. Can keep traditional non-conference rivalries; can schedule tough games to toughen up team; can schedule easier games to get playing time for depth chart.
- Differing scheduling philosophies wouldn't be punished by a BCS formula for inclusion in a playoff, though it could affect seed.
- No controversy over who is and isn't included in the playoff, based on strength-of-schedule, lack of a conference championship game, etc. -- a true meritocracy.
- Maximum number of games a team could play in a season is 15 -- teams have played 15 games before.
- Conferences don't lose revenue from championship games, as they get replaced by promotion playoff games. In fact, we'd go from 5 of such games today, to 6 in this format.
- Every team plays every other team within its conference, in every conference. This is equitable across all conferences and there is consistency across all of college football.
- One loss doesn't necessarily kill a season, so "big" teams might be more likely to play one another in the non-conference schedule.
- The 1st tier conferences will all have 10 really deserving teams -- you'll have to be very, very good to qualify for the playoff, or even a bowl game.
- BIG motivation for teams near the bottom of 1st tier conferences -- teams won't just be playing out the season.