As it stands right now, the same would happen as currently is set by the BCS. We still have 6 BCS Conferences . . . are these six conferences willing to change a few more rules? We really do not know.
I suspect that the 6 BCS conferences will still get into one of the FIVE BCS Bowls that pay $18mil per participating team .
That means the Automatic Qualifier [AQ] is still active. I would like to see a rule that says that the AQ must win their 12th game of the season to be in one of the FIVE BCS Bowls. I do believe this Qualifying round will allow a few other schools that are not one of the 6 BCS Conferences to prove that they can "dance" with the big boys by beating a highly ranked team to get into a BCS Bowl Game. We might even see a highly ranked team go to a National Championship Game. . . Utah had that possibility when they were ranked #6, and the only undefeated team . . . but they would have had to beat the #5 team, Southern California in their home field in Los Angeles.
This format would also have the other teams playing for a spot in the Final BCS Rankings. A #7, #8, #9 #10 team that could possibly be in consideration for one of these games could get knocked out, and a #11, #12, #13, #14, or even a #15 could be Ranked in the BCS Poll after these games, at a higher position. There are 4 "At-Large" teams to be considered for these FIVE BCS Bowls, and I do believe they should be the Highest ranked teams that are NOT already an AQ.
Don't forget, with a #1 v #2, #3 v #4, #5 v #6, #7 v#8, #9 v #10, etc. we will see some winners and losers. We already know who we THINK are the best from the Polls, and this will either prove that the polls were close or if the rankings are somewhat 'bunk'. And don't forget the best upside of this format, we get to see games between teams that would have NEVER have had the foresightedness to have scheduled. . . .And we have these teams play with minimal layoff of 6 or 7 days to a max of 13 dsays while they are in their end of season prime. This is sometimes lost when a team has a layoff of 30 to 40 days since their last game.
It would be rear to see the subjective choice of #1 and #2 who would play in the 12th unscheduled game of the season replay in the National Championship game, but if the score was sooooo close, [like a 7-6 score or even a 26-25 score, and/or extenuating circumstances], it could be possible.
And a benefit of having this unscheduled 12th game means 1 game less to schedule a cream puff team. If a conference has 9 conference games, and an unscheduled 12th game, there are only 2 games left for out of conference rivals.
As far as a formal playoff, don't hold your breath unless you come up with a solution that will enable it to happen BEFORE the Bowls, [the Bowls are sacared cows and cannot be used for a playoff as many of these schools [Presidents] would rather have the Bowls than Playoffs] and within the 12 games that the Schools have agreed to have as the maximum games permitted to be played. It's not the Athletic Directors, it's the School Presidents and Board of Directors who rule the roost. [but you didn't hear that from me]
Do check out my 4 pages of blogs at my profile page here at CBS Sportline, and you could also check out my book, December Dream . . . Qualifying for the Final BCS Rankings.