The controversy and intrigue the system generates translates to revenue for the media. It is ratings for tv sports channels and increased readership for news sites and message boards. Playoffs wouldn't generate a fraction of this because the top 8 or whatever number would be in.
The BCS is clearly serving the purpose of entertainment and suspense.
Disagree big time. At the end of the season only a few games matter as far as shaping the "playoff" of 2 teams. Imagine if 12 - 16 teams were jockeying for position in an 8 team playoff...SOOOOOO many more games would be meaningful and generate even more media buzz. As it stands today, there's 1 week of regular season play and conference championships so only a handful of games matter..not as exciting.
Because at thee end of the year the two best teams in the nation will not be playing for the BCSNC. Look at the top 5 in the rankings, all 5 of those teams can lose to any of the teams in the top 10. It isn't fair to the teams or the fans, just like Chicken said, in 50 years the BCNC will really be mythical.