In all seriousness, is it? It would seem really easy to do, would be able to maintain tradition and would still be able to make the regular season mean something, as you could put much emphasis on winning your conference
I envision the projections as of right now, looking like this:
Auburn (SEC Champ) V. UConn (Big East Champ)
Oklahoma (Big XII Champ) V. Virginia Tech (ACC Champ)
TCU (At-Large/Mid Major #1) V. Stanford (At-Large)
Wisconsin (co-Big Ten Champ) V. Oregon (PAC 10 champ)
The Winners of all four of those move onto the host of the final four and championship of College Football "The Fiesta Bowl." two weeks following these games. It's a rotating site and the cotton bowl would play host this next year.
The only real negatives I see is, the buckeyes unfortunately missed the cut in being able to play, as the loss to Wisky just really killed them. But we'd be able to keep the tradition of January 1st around, and the Big 10/Pac 10 matchup still in-tact.