Nat Championship game: Oklahoma v. Florida. The toughest to call. I'll lean to Oklahoma because they want to prove that they deserved to be there. I think their offense really is just that good and its not just crappy Big 12 defenses.
Rose Bowl: USC v. Penn St. USC all the way. They are playing better than Penn St. Penn St. made a nice statement against Michigan St, but Big 10 generally sucks in bowl games.
Orange Bowl: VA tech v. Cincinatti. Who cares. I'll say VA tech takes it. Cincinatti might succumb to nerves since its their first time. I haven't followed either team at all so I don't know.
Sugar Bowl: Alabama v. Utah. Alabama takes this. I'd love to see Utah win though. Bama has played well all year long against great opponents. Utah is just a big unknown.
Fiesta Bowl: Texas v. OSU. I got Texas. Hell, I got Texas by 21+points. OSU has failed against the top teams this year and Texas should be playing in the National Championship game. They will be pumped and try to steal the final AP poll.
Anyways, as Steve said, there needs to be a playoff system. I think Obama's first act as president is to demand a playoff system be put in place

Can you imagine the chaos that would have been the BCS if Penn St. had beaten Iowa and gone undefeated?
8 teams. Not sure what rules you might have. Maybe a 2 team/division max. Then you have situations like Texas Tech getting screwed over. But you should have room for the teams like Boise St. that go undefeated and get kicked to the curb. Given the 2 choices, I'd lean towards a 2 team/division max. And I wouldn't have the champions of the BCS conferences getting automatic bids. Nobody can argue VA tech or Cinci has a legitimate claim to the National Championships. This could be implemented by losing 1 game of the regular season. Most teams play enough shit in the first few weeks anyway. Then the top 4 teams would play Dec 1 and the finals would be Dec 8--just like it is today.