I'm on record as this board having changed my mind about CFB.
Traditional conferences, regionally aligned.
Very few bowls, like maybe 10. No BCS, no playoff, the final poll determines the winner. Sometimes there will be a split, often there will be arguments. The little guys will always be feeling left out. Go back to Div II I say.
Limit the number of teams, and kick teams out of Div I who can't cut it (Temple, etc).