College Football Playoff?

The BCS announced a four team playoff championship on Tuesday afternoon. This playoff system won't start until the 2014 season. The agreement will last 12 years and will consist of 6 bowl games rotating as hosts of semifinals. 
The presidents and the BCS Committee wanted to crown one national champion while still protecting the regular season and bowl experience. Personally, I'm not a fan of the first 3 or 4 games of football season. I want to see teams play other tough teams.
Other things they talked about: 
*Having the Championship game managed by the conference and not branded as a bowl game. 
*Create Championship Monday. The game will be played on the first Monday in January. 
*Eliminate the "automatic qualification"
I haven't done a whole lot of research on this, but I personally LOVE bowl games. Do I think the selection is a little off sometimes? Yeah, sure. But there is a slight human element in the selection. We are all humans don't always make the best decisions but that's what makes the games so great. 
Side Notes:
ACC should soon announce deal with Orange Bowl according to Joe Schad. (Via Twitter on Tuesday afternoon)
Questions:
1. What do you think of the new system?