My BCS Playoff System

There have been plenty of calls for a playoff system, so here is my idea.

• My idea is a 12 team playoff, with the top 4 teams receiving byes.
• The standings would be based off the 6 automatic conference winners and then the remaining teams would have their seed's determined by how high their BCS ranking is.
• For example, this year's top 4 teams with byes would be Auburn, Oregon, TCU, and Stanford. Wisconsin, Oklahoma, VT, and Uconn would be the next highest seeds and host 1st round games, with Arkansas, Boise St, Ohio St, and Michigan St rounding out the final 12. The only flaw is LSU getting snubbed, who is a mere .0003 behind Boise St. But that's a debate for another time.
• People worrying about the major bowls disappearing should stop. The semifinals can be the Orange and Sugar Bowls, with the Rose and Sugar Bowls picking 1st round losers to compete in their bowls.
• Note- If a playoff system were to be installed, it would likely be a 4 or 8 team playoff before more expansion is made.