A lot of people have proposed that teams in the playoffs that lose should still go to BCS bowl games. I really don't think this is realistic. Think about this - if WI and OR had both lost in the playoffs and then met in the Rose Bowl - who would care, outside of WI and OR? The BCS bowl games become a consolation round. The money from those games would dry up due to lack of interest.
Also, I don't believe the money from a playoff game (other than the title game) would be as much as a BCS bowl game. Yes the bowl organizers take a cut, but in return the advertising that is poured into the game (that they find) creates significant revenue. There would not be the money pumped in from local businesses, because before the conference title games no one would know where the games are. I also question whether a first round game between OK St and Stanford gets the same ratings as a bowl game between OK St and Stanford, for example.
Someone made a point about losing money at bowl games. That does happen, but only applies to the bottom of the barrel games. Teams choose to go to even those bottom barrel ones because it is very cheap advertising and it bolsters the reputation of the school (plus you get extra practices which helps the product on the field going forward). Also, here's where being in a conference helps. The B1G not only allows schools to take out cost of travel before the prize money is split up with the other teams, but they cover any losses by schools that went to bowl games before the money is split up. I know the U of MN lost a little money going to the Insight Bowl last time, and the B1G covered that (although it was very close to break even). The reason is because the B1G considers it advertising and recognizes the importance of having teams at bowl games.