16 team playoff is too much. Let's look at what IS possible. A four team playoff is a good start, but the two highest CONFERENCE CHAMPIONS should get the automatic home games, two weeks after the conference championships. They would host the next two highest ranked BCS teams regardless of conference. Last season we would have had:
Stanford (4) at LSU (1) and Alabama (3) at Oklahoma State (2)
Let this kick off the bowl season and play the championship in one of the five BCS Bowls (add Cotton) and they can rotate who gets the NC game like in the past.