Eh, there were plenty of complaints about the formula. At its best it was 1/3rd AP poll (the thing we're complaining about now), 1/3rd Coaches or Harris (worse versions of the AP poll), and 1/3rd computers of varying quality that couldn't account for margin of victory and for the most part didn't publish their full methodology.The complaints weren't the BCS formula, it was the fact that we only had the title game. That gave us years where we had more than 2 undefeateds, or years where the top two teams were from the same conference. A playoff with teams selected by BCS formula instead of a committee would be much better.
I'm all for an objective ranking, but let's not retcon the BCS into something it wasn't. A good system would be something like a strength of record formula, but based on something other than ESPN/FPI numbers.