I would take it one step further and take the champions of each conference and then use the BCS rankings to get the playoff field up to 16. Have the first week of playoffs at the higher ranked teams home stadium and then move into the bowl sites for the rest of the 8 team playoff. If it is about money, do it right and make a ton. Surely people will be tuning in for that one!
12-teams.
Champion from each of the SEC, ACC, Big Ten, and Pac-12 gets a first round bye due to playing a CCG (and being "BCS" level conferences).
Big 12, Big East, MWC, and Conference USA champions get an auto-bid. Four remaining teams come from an RPI style ranking. Auto-bid conferences must meet a 4-year minimum standard to retain their autobid.
Highest seeded RPI team in first round gets a home game against a lower seed.
Game I: #12 @ #5
Game II: #11 @ #6
Game III: #10 @ #7
Game IV: #9 @ #8
Second round is a home game for each of the "Big Four" teams.
Game V: Game IV winner @ #1
Game VI: Game III winner @ #2
Game VII: Game II winner @ #3
Game VIII: Game I winner @ #4
Third round would be two neutral site semi-final games.
Game IX: Lowest remaining seed vs highest remaining seed (Phoenix, AZ)
Game X: remaining two teams (Charlotte, NC)
Final round being a centralized neutral site "title game" location.
Game XI: winners of games IX and X (Dallas, TX)
In this format, 8 teams get to host a playoff game and the revenue that would generate. Guaranteed sellouts and high TV ratings. There would only be 3 games in neutral sites, but it would only affect 4 teams. All other teams could then be eligible for bowl games.
If the Bowl Games can survive on their own, then fine, who cares? They are just "non-profit" exhibition games anyway right?