Hell yeah, On Wisconsin!
But back here in the real world, it's less the record of the champion, and more the impact on the overall feel of the sport that I don't like. The old bowl system was at the same time stupid and brilliant. It gave also-rans something to care about; it made conference championships really important, and it made every game matter in a way that it will not anymore.
There are reasons that the new system could improve the sport. First, the number of games is still so small that the margin of error for a 2-loss team is pretty narrow. Second, the punishment for losing a big game is reduced, which means that maybe contenders will schedule more, better OOC games. Those games are lots of fun, so whatever we can do to encourage them is a step in the right direction. Frankly, the first round of a 16-round tournament will probably produce some interesting upsets, and quarter-, semi-, and final games are likely to be good matchups (if not good games; those aren't the same).
So...I don't like it, but I'm not sure it's because of the 3-loss issue. A team that gets through the modern playoff will undoubtedly have won some big games to get there. You won't get a 1984 BYU, or the 1990 Buffs/Yellow Jackets, at least not without a resume that makes the championship winner feel legit.
