After thinking about it i changed my mind from a 8-team playoff to a 5 team system.
Here were the BCS top-5 at end of the regular season:
1 LSU 1.0000
2 Alabama .9419
3 Oklahoma State .9333
4 Stanford .8476
5 Oregon .7901
The #1 team should get the auto bid for the championship game and the other 4 teams battle it out in the playoffs. Outside of those five i don't think any other team even deserved a shot.
That would have worked this season, but teams like Wisconsin and Boise were deserving of a shot as well, IMO.
An 8-team playoff is by far the best solution IMO. A plus-one is a good start, which will eventually make these schools realize how much money there is to be made from a playoff.