Look at that kid's face below. That look doesn't say "we just dropped from 1st seed to 4th or 5th." It says "we just blew our entire season." That's what the BCS does. It demands perfection in every game. If you're a tOSU fan, your expression at this moment was the exact opposite: pure, unadulterated joy. Not "we just went from third seed to second!" joy, but "WE'RE PLAYING FOR THE NATIONAL CHAMPIONSHIP!!!!" joy.
Well then that makes two of us, except yours is football and mine is basketball. I love March Madness, but I might watch 2 regular season NCAA basketball games per year.
With the 4 team playoff Alabama might have been the only team that could have lost a game and had it not end their season.
If FSU/Ohio State/or Auburn lost they would have most likely fallen out of the playoff picture and thus ended their chance at a N.C. game.
So obviously the regular season would still have major implications and be highly competitive. It isn't as if we are going to have a bunch of teams in the 4 team playoffs with 3 losses.
The only reason Alabama is #4 is because of who they lost too being ranked #4 at the time. So only 1 team out of hundreds in college football was able to lose a game and manage to stay in the playoff picture. And that is no different than when one loss teams have won the whole thing via the current BCS system.
Bottom line is the regular season would still be very important and very entertaining because one loss could still put you outside the top 4 easily.