If the BCS were still in place, it'd have been messy this year.
This past Saturday, there was a great deal of debate between whether the last College Football Playoff spot should have gone to Alabama or Ohio State. The system, clearly, still isn't perfect. But the old system this year would have been much worse.
This year, there were three teams that clearly deserved a chance to play for a national title. Clemson, Oklahoma and Georgia all won their conferences and finished with 12-1 records.
In the old system, which only gave two teams a chance to win it all, it'd have been a disaster.
BCSKnowHow.com projects that the two teams would have been Clemson and Georgia. That means Oklahoma would have gone 12-1, lost its only game to a decent Iowa State team, and somehow not gotten to play for a title.
If the above model is off, and Oklahoma had gotten if over Georgia instead, you'd have a 12-1 SEC champion out of the mix. Clemson, oddly enough, has the worst loss of the three (at Syracuse) but probably would have still been in.
So yes, college football fans, the four-team system leaves a lot to be desired. But it is more fair than what we had in the past.