Agree get the committee eye test BS out of there. But they tried the ranking thing (BCS computer component) and everyone hated it - even though it was actually pretty good overall. The challenge was no matter who got picked for #2, someone always had a decent argument for #3 or #4 instead.
I would be all for taking the P4 champs and then next 4 highest computer rankings (averaging like 5-10 systems). The champs give you the "best on field" part, and the computers give you the "best on paper" part, which is always the biggest argument. Do you reward those that have won, or those who appear to be the best on paper? Well, why not both?
People that were dumb didn't like the BCS based on something that the BCS system couldn't control - there were only two teams. All the BCS hate really got cranked up when Auburn, USC and Oklahoma were all undefeated, and somebody got left out. Basically a bunch of dimwits in sports media were complaining about Auburn getting left out and saying that they didn't need some compooder tellin them who was the best. So basically they thought a committee was going to magically figure out a way for three teams to play in one game.
The best example of how superior a BCS type system is to committees was the the 2007 national championship game. The consensus based on the "eyeball test" was that after Michigan and Ohio State played that they were clearly the two best teams, and by a tiny margin Florida beat out Michigan. Then they went on to completely overwhelm Ohio State. In fact, the only saving grace was some people voting in the polls still believing OSU and Michigan were the best two teams, but that their game they had just played was a defacto playoff/NC game, so a rematch would not be fair to OSU. Ohio State was completely overmatched by Florida.
A BCS system with at least a 4 team playoff would be far and away the best ever system in CFB.
Pick a system to use. Show how the formula works. Then shut the hell up and let the ranking system do its thing.