re: BCS has achieved consensus on 4-team seeded playoff.

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1) Does this system have a chance at limiting conference expansion? It could keep teams like FSU in the ACC, ND independent, etc by not directly placing the Big 4 champions into the Final 4 automatically.

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Depends on the school IMO. If you're someone like say Louisville who is looking at probably getting excluded even if they win their conference (no more 3+ loss teams in the "BCS") because of the lack of strength in conference scheduling you're probably looking to change conferences. But as you said, someone like Notre Dame is sitting pretty as an Independent.

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2) Wouldn't BCS rankings work better than a selection committee?

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I'd think so. Especially since it seems like they're leaning towards a system that doesn't have much set-in-stone criteria.