Are the College Football Playoffs a Failure?

The College Football Playoff was a good idea on paper. But I think overall it may have made College Football worse. I broke it down into pros and cons lists to see if hurts the great game of College Football.

Cons:
-Games are Bad: In 12 games of the CFP, only 3 have been close. It makes for bad football, and makes the playoff seem unnecessary. It also lowers nationwide interest in College Football if every time you watch the playoffs, which are supposed to be the best of the best, the games are blowouts.
-Gutting the Bowl System: It used to be a huge deal to play in and win any of the New Years 6 Bowls. Now though, with the playoff, the bowls seem like lousy consolation games. The teams don't care because it's a meaningless exhibition now, and fans don't want to go because there's not much of a point. (This stood out to me when I went to the Sugar Bowl last night.) Gone are the days of bowl pride and pageantry. (Except for the Rose Bowl because ESPN pumps it up so much.)
-Inconsistent: The way teams are selected is dumb. The committee is prone to human error, and teams get in by meeting ambiguous tests such as "eye-test" and "complete team". There is no set formula to get into the playoff. Less prestigious schools also have a major disadvantage.
-Why it Exists in the First Place: The CFP exists because of LSU vs Bama in the BCS Championship. However, those were easily the 2 best teams that year. They would have still met in the title anyway after demolishing Okie State and Stanford.

Pros:
-It Serves its Purpose: The 4 seed has won twice. The 3 seed has a chance this year. It also eliminates the "what if" discussions we had in previous eras. However, most of the championships have been 1 vs 2, same as in the BCS era.
-$$$$$$$$$$$$$$: TV ratings and ticket sales make a lot of money. (None of it goes to the players though)

Do you think the playoff is a poor system? In your perfect world would you keep the playoff, expand it, or go back to the BCS?