I mostly agree with you, Medina, except on the 1973 point. The system was what it was. ND played the best bowl game and was unbeaten and untied. Beating a previously unbeaten Alabama that had pretty well smoked its whole schedule in the Sugar Bowl, more or less a home game for Alabama (same for USC in the Rose Bowl against Ohio State). So ND won the championship. That's how the system worked. Maybe Ohio State did have the best team (with Michigan as a close second). Certainly possible. But based on the standards of the day, going unbeaten and beating unbeaten Alabama in the Sugar Bowl, when no one else did (other than PSU, which played a weaker schedule/bowl) gets ND the title.
I was born a few days before these bowl games, so I don't have the faintest clue how all these teams looked with the eye-test. I think it's pretty interesting that the top three teams (ND, Ohio State, and Oklahomo) all had a common opponent in USC. What are the odds of that? Ohio State had the best win--on the road (basically), ND also won, convincingly, but at South Bend (and not as convincingly as OSU), and Oklahoma tied USC at USC in week 2. Ohio State and Michigan absolutely carved up their schedules, save for the tie against each other. ND had a near miss against a long-time rival. But they didn't miss.
Unbeaten team x beats unbeaten team y in major bowl game. Unbeaten team x wins the national title. That was the (flawed) system.
Now, Ohio State has the most impressive wins of any team ever, BUT it lost two games in the regular season, one of which doesn't look great (better than ND's loss, I'll happily grant you). So how much does ND's near miss with MSU really mean?
And this is why I kind of enjoyed adding that asterisk about 1973. It's a legit national title for ND, but it was also a system that didn't really give us a great barometer of who the best team was. :-)
All of which agrees with your point about the outsized importance of ND's 1988 title.
Also, how great would that 12-team playoff have been?
Without doing the full analysis, the AP top 12 at the end of the regular season: Bear Bryant's Alabama, Barry Switzer's Oklahoma, Ara Parseghian's ND, Woody Hayes's Ohio State, Bo Schembechler's Michigan, Joe Paterno's Penn State, John McKay's USC, Darrell Royal's Texas...I mean come on. Epic on top of epic and that's just the top 8. UCLA comes in at 9, Arizona State (as WAC champion) at 10, Texas Tech at 11 (only loss was to Texas), and oh look it's Tom Osborne's Nebraska at 12.
Someone asked about the golden age of college football? There's a case to be made...