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Jason Campbell's '04 perfect Auburn squad was left out of the title game.
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It's about time but I won't look for it to happen anytime soon. The NCAA and BCS doesn't care about fans or fairness, they care about their TV and sponsorship contracts. Look at the ridiculous Bowl game names we have now...the Pepto Bismol/Frank's Red Hot Sauce Rice Bowl and crap like that...they'll have to find a way to build the sponsorships into every playoff game, like making the playoff games into Bowl games at the same time. It would be a shame to see a tradition like the Rose Bowl die, but for the future of the sport, a playoff system needs put in place. College football will never die, but they could win back a lot of fans (like of the 2004 Auburn team) that may be angry about being cheated out of a title and get more fans who only like the NFL because of it's fairness in finding a champ. The current BCS system does hurt the level of interest somewhat and makes more people angry than excited about the sport.
I hope it happens soon, but given the NCAA's track record, I'm not too optimistic for the near future.