This is the type of year the BCS has dreaded for a few years now. Every team has a loss, some of the better ones even have two. Then you have a team like Hawaii with an undefeated record, but unfortunately they only played maybe one good team.
This should be evidence enough that college football should finally go to a tournament system, but obviously that will not happen. Top eight teams go in, you use the smaller bowl games for the first round, and one of the semifinal games, and the big four get to have the rest of the semifinals and the championship game. The championship game could be rotated between the big four each year like it is now.
As of now, this is what it would look like:
1. Missouri 11-1
8. USC 9-2
5. Kansas 11-1
4. Georgia 10-2
3. Ohio State 11-1
6. Virginia Tech 10-2
7. LSU 10-2
2. WVU 10-1
Here is how it plays out in my head: Missouri beats USC, Georgia over KU, OSU beats VTech, and LSU "upsets" WVU. Second round: Missouri barely beats Georgia, LSU knocks the crap out OSU (giving Coach Miles incentive to take the Michigan job).
The championship game is about to begin when it turns out the LSU team has been kidnapped and replaced by Hawaii! Colt Brennan comes out and throws 11 TDs in the first half before blowing out his knees. Hawaii tries in vain to stop Missouri, but eventually a last second fumble allows Hawaii to escape unbeaten and upset that they were overlooked for the playoffs...
Or, instead of my odd fantasy, you can listen to Carl from ATHF rant about the BCS.