It really isn't that hard to do a 16 team playoff while keeping the quality of the bowl games. Move the conference championships up one week (everyone loses one of their weeks off, deal with it). You would have had the round of 16 this past weekend and then the round of 8 next weekend. You then take the time off for the exam period and populate the bowls like normal (including the 12 teams eliminated from the playoffs going to bowls). The top three bowls get the semi-finals on New Years Day and then the championship game the following week. Everyone wins.
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